What are the average Conveyancing fees?
If you’re buying/selling a property, you’ll need a solicitor or licensed conveyancer to carry out all the legal work. There’s a lot of competition for conveyancing at the moment, the main reason for this is the internet. Buyers and Sellers aren’t just going with the first solicitor that the estate agent recommends, people are now shopping around and comparing prices online. Like you are, clever you!
The UK average cost of residential conveyancing is “approaching £850” according to reallymoving.com. But that doesn’t include the Land Registry Fee, Bank Transfer Fees, Disbursements, Search Fees and all other associated costs. From our research, the average price for all the other associated costs is around £450.
According to a study compiled by Post Office Money and the Centre for Economics and Business Research (Cebr) the overall average cost of residential Conveyancing in 2014 was £1,419, that’s 37% higher than 2004!
Unlike residential conveyancing, there’s less competition in commercial conveyancing. Commercial cases are more difficult so the fees are higher and are usually charged by the hour, rarely under £1500. Most licensed conveyancers will avoid commercial conveyancing, these matters are more likely to be handled by a solicitor.
Our Average Fees Estimate:
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Conveyancing for a leasehold property is more expensive. The added expense is because leasehold properties usually require additional investigations. That’s extra work for your conveyancer, they usually charge by the hour for any extra work.
Online Conveyancing Vs Local Solicitor
When it comes to Conveyancing Fees, online Conveyancers are cheaper. Local Conveyancing Solicitors tend to be more expensive, the competitive nature of online conveyancing drives down prices (For a more detailed comparison click here: Online Conveyancer Vs Conveyancing Solicitor)
No Win, No Fee
If a deal collapses you’ll still have to compensate the conveyancer/solicitor. Some companies do offer a “no-completion, no-fee” service, but you might still have to pay for some third party services (disbursement).
When Prices Rise Unexpectedly!
Almost every online conveyancing quote rises during the conveyancing process. Even quotes advertised as ‘fixed fees’ could potentially rise. So don’t be too annoyed if your fees rise a bit, you’re probably still getting a good deal.
Although these fees are closely regulated, unfortunately, a large majority of first time buyers feel like they’ve been ripped off by their conveyancers.