Conveyancer file archive fees

Arnovl

Hello,

ConveyLaw wants to charge me £43.00 + vat to retain a copy of my files for 6 years.
They say "they are required.." But does anyone know if this is a legal requirement?

They've been ok to deal with so far , but they keep trying to sneak additional charges (expedition fees, some charity competition and other not-asked for features...) which is just really annoying to put it mildly...

Thanks
Arno

SplanK

I have never been asked for this!


However, there probably is a compliance requirement to keep the records for 6 years so they can reference back to it if something ever cropped up, however these could be digitised and take up !!!!!! all room!


How much are they charging you for the solicitors fee's?

G_M

So just ask them to send you all the files. Get yourself a basic fire-proof safe. You can keep your house insurance documents in it too in case of a fire.....

You probably don't need correspondance etc, but there are various documents associated with the property that are worth keeping ready for when you sell.
sorted.

davidmcn

G_M wrote: »

So just ask them to send you all the files. Get yourself a basic fire-proof safe. You can keep your house insurance documents in it too in case of a fire.....

You probably don't need correspondance etc, but there are various documents associated with the property that are worth keeping ready for when you sell.
sorted.

"Ah, but your lender requires us to keep your file..."

I've yet to encounter this sort of charge though.

G_M

This seems to be a new(ish) scam by a cut-price conveyancer to add charges.

If they say that, contact the lender and see what they say. Ask them to keep whatever documents they need (they always used to keep the Deeds before Deeds went electronic).

Or tell the conveyancer you refuse to pay so they'll have to either
* return the docs to the lender
* return the docs to you or
* send the lender the bill

bouicca21

There probably is a compliance requirement, lawyers certainly have to keep records for a set time and anything financial usually has a 7 year compliance.

But that's a standard overhead of the business - just like paying rent or buying office furniture ...

westv

Lenders do not require the conveyancer to keep any records relating to a purchased property. (nor do they themselves keep any paper records anymore). The conveyancer should send the documents to you unless you advise otherwise.

davidmcn

westv wrote: »

Lenders do not require the conveyancer to keep any records relating to a purchased property

Yes they do. It's a standard requirement in the CML handbook that the file is retained for six years.

http://www.cml.org.uk/lenders-handbook/englandandwales/#C9016

Sammydog

Surely that's an overhead and not something you'd bill separately? If they're required to keep it by law then it's a bit cheeky asking you to pay for their paper management. As they have to keep it by law, I'd tell them you aren't paying ... it's not like they can just bin it.

nidO

Sammydog wrote: »

Surely that's an overhead and not something you'd bill separately? If they're required to keep it by law then it's a bit cheeky asking you to pay for their paper management. As they have to keep it by law, I'd tell them you aren't paying ... it's not like they can just bin it.

Of course it is, it's a sham fee basically.

OP, was this charge set out in the original terms of business letter from them laying out their fees and charges?
If not, thank them for their offer of the additional service but tell them it's one you don't need or want so won't be paying for. When they tell you it's a requirement, tell them that if they require it they can pay for it, but you don't so won't be.

westv

westv wrote: »

Lenders do not require the conveyancer to keep any records relating to a purchased property. (nor do they themselves keep any paper records anymore). The conveyancer should send the documents to you unless you advise otherwise.

davidmcn wrote: »

Yes they do. It's a standard requirement in the CML handbook that the file is retained for six years.

http://www.cml.org.uk/lenders-handbook/englandandwales/#C9016

I meant docs directly relating the the property. Deeds, plans etc.