Sometimes we'll get a client querying what our expedited exchange and completion fee is. They'll either do this at the outset when we open up their file and their paperwork goes onto their portal. One of the forms that will be uploaded with the initial paperwork is the expedited exchange and completion form so that they can read through it and sign it. So it's important that we check that it has been.
signed by the client already. If it's at the outset that they've queried it, then they might not have yet returned it. The other point that clients will query is when we come to exchange or talk about completion dates, because most fee earners will resend then that exchange, the expedited form to the client just to remind them of the fees when they're agreeing completion dates with the other side. Finally, sometimes clients will query it when they get there.
completion statement, particularly on a purchase where they need to send us money, because that is when they get the completion statement in advance of the completion day. So it's worth just reminding them that they've already signed this form. You can confirm whether they've signed it if you wanted to double check, either by looking for it in history or by having a look on the new ROT needs in screen, which is right near the bottom of the screen order list. Even on a sale, it's marked here.
So you just double check, make sure that's in. You can also send them another copy of it by typing in expedited. And there'll be a PDF version here, which is the one that the client has signed. So if they query it, you can email that across to them. Just remind them that they have already signed this.
It goes into a bit of information as to what this what this fee is for. But in short, the Law Society advises or recommends. that there's 20 working days given between exchange and completion, because that gives everybody involved time to make arrangements.
So any sellers or buyers, they might need, for example, removal vans, they might need to look at forwarding their post, they might need to look at meter readings and setting up utility providers and internet and all of that. There's a lot for everybody to do. And from the legal perspective, as we all know, there is also a lot for us to do.
So... whichever side we're on both us and the other solicitor will have some preparations that they need to make from our side if there's less than the recommended time frame given that means we're going to need to rush those checks more quickly than is recommended by law society and we will probably have to then also set up their completion ahead of other people that have got longer time frames between exchange and completion We'll have to prioritise this person's setup instead. And because of that, we charge an additional legal fee for our time and for the priority that we'll have to give the case.
If you look at the final paragraph of this declaration, this is the part that sets out the fees. Now, I'd recommend not going off what the fees I'm about to confirm now, but having a look at the particular client's own expedited declaration in case the fees have changed since this video. But in short.
If the clients leave over 10 working days, they get charged £47. So that's not 10 working days, it's over 10 working days. It's £127 if they leave between 6 to 10 working days, or £197 if there's between 1 and 5 working days.
Or if it's a simultaneous exchange and completion, it's £227. And an important thing to note about this is if we prep the file for completion before we have exchanged, the system will automatically put in the simultaneous figure of 227 and that cannot be reversed. So once you've clicked the prep button, even if you then exchange the next day and the expedited fee would need to reduce to, say, 125, because there's now six to 10 working days between exchange and completion, the system will not update.
it will automatically charge 227 that is what the client will pay on completion and then after completion we will refund the client any difference so something to be aware of when you're looking to click the prep button you'll need to make the client aware of it and if they query it on their completion statement that is the reason why it will be because we've prepped the completion ahead of the exchange and the system has just generated that figure and it can't be removed