Warning to home buyers when cutting moving costs

Warning to home buyers when cutting moving costs

In a recent news item published by Rowlinsons the Cheshire based solicitors practice they are using their CQS accreditation to market higher fees.  Whilst a lot of firms are sceptical about the value of CQS it is increasing clear that those firms with it are using it in their marketing to differentiate themselves.
The use of this type of marketing appears to working for Rowlinsons as they continue to grow and do well despite the recession.
The Rowlinsons press release is as follows:
“Rowlinsons are warning home-buyers not to take risks by cutting corners when buying a home in the face of rising extra costs associated with moving home.
Stamp Duty Land Tax, estate agents fees, mortgage arrangement fees, the VAT increase for services related to home-buying and other extras could tempt anyone moving home or stepping onto the property ladder for the first time to try and make “risky” savings in other parts of the home buying process."
Denis Stevenson, Managing Director at Rowlinsons says: “Buying a home is not only an expensive process, it is also complex. While savings can be made with regards to furniture removals and possibly estate agents fees, cutting corners on legal services can prove very risky”
Legal services are already one of the cheapest parts of the process compared to the costs of arranging a mortgage, estate agents fees for selling a property and the largest cost of all Stamp Duty Land Tax. The conveyancing process can be complicated and any mistakes could mean important aspects or liabilities linked to the property fall on the buyer.
The Law Society set up the CQS initiative this year to ensure the highest standards in home buying were recognised and easily visible to home-buyers. To secure our CQS status we completed a rigorous application and assessment process. The main beneficiaries of the scheme are our clients who use us to handle the legal side of buying a home.
Handling the legal elements of home buying yourself, if you are not getting a mortgage, or opting for the cheapest conveyancing price you can find could mean you don’t get the best, reliable service and end up paying more in the long run if something goes wrong. Buying a home is a major life event, so taking a short cut on legal costs is a risk.
While there are many firms to choose from who can deal with the legal aspects of home buying, it is now much more straightforward, thanks to CQS, to identify those which have passed the national Law Society’s quality assessment.”
Recent figures from the Office of National Statistics show that mortgage arrangement fees are a key factor in driving up miscellaneous goods and services.
A recent report by Which? found that the additional expenses of buying or selling a home worth £200,000 could add up to £9000, not including mortgage fees. The report also urges home buyers not to look for the cheapest option when it comes to legal services.
Buyers should be looking for a quality service above price and CQS membership provides help to buyers in choosing a firm to act for them in such an important purchase.”
If you have CQS are you using it to it full potential?  If you haven’t applied for it how are you overcoming competitors marketing in this way?

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