Transaction Tips - Scoping the Retainer

The first of a new series of discussions on the Today's Conveyancer Podcast, host David Opie is joined by expert legal trainer Ian Quayle of IQ Legal Training, to explore a range of topics around conveyancing. 

"Transaction Tips" will draw on Ian's extensive experience in and around the property sector discussing important topics conveyancers need to be thinking about. 

In this first discussion on scoping the retainer, Ian shares his expertise of what to include, and more importantly, what not to include in client retainers. The retainers establishes our relationship with the client and starts to create and manage expectations.

He also explores best practice around ensuring retainers remain under review; and the firm have evidence on file the client has read and understood it. In the ever-changing world of conveyancing; and with issues like Building Safety Act and the upcoming changes to TA6 Protocol Forms, it's more important than ever to ensure retainers remain as relevant and up to date as possible. 

Ian warns firms against what he describes as "retainer creep"; an issue where a firm ends up doing something as part of the transaction they expressly exclude from the retainer; using the example of a boundary query. In such cases firms must expand the retainer or end up at risk of liability. 

Ian will be back throughout the rest of the year with more Transaction Tips on the Today's Conveyancer Podcast. For information about the training Ian runs please visit www.todaysmedia.co.uk/todays-legal-training.

The Today's Conveyancer podcast can be found on your preferred podcast provider and also at www.todaysconveyancer.co.uk. Subscribe and listen in for all the latest conveyancing industry news and views.

Thank you to our podcast sponsors PEXA, Osprey Approach, and VacantC Legal Recruitment.