Lecture Notes on Expedited Exchange and Completion Fees

Client Queries

• Initial Query: Clients may inquire about the expedited exchange and completion fee when their file is opened and paperwork is uploaded to their portal.
  • Ensure the expedited exchange and completion form is signed by the client.
  • If queried at the outset, the client might not have returned the signed form.
• Exchange or Completion Dates: Clients often query fees during discussions about completion dates.
  • Fee earners resend the expedited form to remind clients of fees.
• Completion Statement: Clients may query fees when they receive the completion statement, especially on a purchase.
  • Remind clients that they have already signed the form.

Checking Client's Signature

• Verification: Confirm if the form is signed by checking in the history or on the ROT screen.
• Resend Form: If necessary, resend the signed PDF version of the form to the client.

Purpose of the Fee

• Law Society Recommendation: 20 working days recommended between exchange and completion for preparation.
• Legal Preparation: Faster checks needed if less than recommended time frame, requiring prioritization and additional legal fees.

Fee Structure

• Fee Amounts:
  • Over 10 working days: £47
  • 6-10 working days: £127
  • 1-5 working days: £197
  • Simultaneous exchange and completion: £227

Important Notes on Fee Application

• System Limitations: Automatic charge of £227 for simultaneous exchange cannot be reversed once the prep button is clicked.
• Refund Process: Excess fees will be refunded post-completion if the situation changes after clicking the prep button.
• Client Awareness: Clients should be informed about this process and any discrepancies in their completion statement.