Law firms must now publish details on the cost of their services to make it easier for consumers to shop around and find the best deal.
From 6th December 2018, regulated law firms must list on their websites the total cost of their services, the basis of the charges, and the services included in the price at key stages, as well as any likely addition costs (such as VAT).
The move aims to put an end to consumers being stung by unexpected charges. The change comes as research found that nearly a third of people were hit with unexpected fees when buying a property, with these averaging at an extra £8000.
As a result of the additional costs, one in five people had to turn to family or friends to lend them the additional money they needed, whilst nearly a third had to take money out from what they had saved for their deposit.
The change is being brought in by the Legal Services Board at the request of the Solicitors Regulation Authority (SRA) in a bid to improve the transparency of solicitor’s fees.