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Conveyancing - what does this mean??
2

sunsup1 · 15/09/2020 20:03

I've just started the process of buying a house ( Scary on my own😱)
and not sure what half the jargon means.
What does this mean:'
'In accepting the terms of engagement letter and indeed the appended terms and conditions
you agree to limit professional liability to you in the sum of £3million.' Does it mean if they do anything wrong the most they would pay me is £3M?

Also if I sign the engagement letter, if I decide to pull out (if the survey finds problems) do I still have to pay solicitors?
Any hidden stuff I should be looking out for??

I'm really in the dark with it all.
Thanks

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Jujuball · 15/09/2020 20:55

@sunsup1 first bit - yes you're right.

Second part - the letter should tell you what happens regarding their fees if you pull out. Some do no sale no fee. My firm (I'm a solicitor) charge a percentage of their fixed fee quote depending on how much work has been done up to the point of the client withdrawing, which is the same as all the other firms in our area.

Smile

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sunsup1 · 15/09/2020 21:39

Thanks @Jujuball. I've only just started so need to read the small print. I suppose it's only fair you get paid for the work that's already been done.
Thanks , it's all a bit daunting!

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