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Average Conveyancing Fees

When buying or selling a property, everyone thinks of making the cost or expenses to be as less as it can be. However, there are costs that you will always have to consider no matter what and such cost is conveyancing cost. One cannot ignore it and it is very important. In the UK, conveyancing is mandatory. Thus, one must go to a conveyancing solicitor and take their service. But the question always remains: how much does it cost and does the cost vary? The answer will be discussed elaborately as follows.

What is conveyancing cost

Conveyancing will always allow you to avoid unnecessary pain and mishaps and will get things done smoothly. Handling of legal documents is hectic and a very cumbersome process. In fact, there are complications that might arise when one is buying or selling a property. Such complications can only be fixed for by a solicitor. Therefore, considering all of this together, paying a certain amount of fee to the solicitor is worth it.

Conveyancing cost is, therefore, the amount of money you are paying to the conveyancing solicitor for his services. The service is that the solicitor will make sure all the necessary documents are filed and processed for correctly. Your estate agent will always suggest a conveyancing solicitor. It is not right to go to the solicitor suggested by them. It is best to research by yourself and search for a solicitor that you like. Many solicitors provide different type of services. Thus, you must be aware of what type of property that you are buying or selling and what type of service you are taking. Residential conveyancing cost is lower than commercial conveyancing cost.

Knowing the breakdown

The average cost of conveyancing in the UK is around 900 pounds. And there are lots of options available. Many solicitors have taken their services online and provide the service over the internet. This has given potential customers to compare prices quite easily. Getting a quote is a matter of minutes from your solicitor.

The most important thing to remember is that average conveyancing fee only covers the cost of the service that you are taking. It does not cover all the conveyancing process related fees like registry, bank transfer, disbursement, search and etc. fees. The other costs are variable cost and it will differ depending on the property and the location too. The cost of conveyancing is rising by the year and there has been a rise of 37% from 2004 to 2014. Thus, each year the cost is rising by 3.7%.

Residential conveyancing is the most competitive if compared to commercial conveyancing. This is because more people do house hunting then they do commercial property hunting. But the cost of conveyancing for commercial properties is much higher. This is because commercial properties require more effort and there is more complexity. Your solicitor has a license by which they will do the services and so there is no need to worry if they will be reliable or not.

Conveyancing fee also is higher if your solicitor is conveyancing for a leasehold property or a property that requires a mortgage. Mortgage based and leasehold properties require extra paperwork. Therefore, conveyancing solicitors charge more for this extra work that they have to do. Also, there are other complications that you need to be aware of. Many a times a property deal does not complete. This might occur due to certain reasons. Whenever this occurs, you will still have to pay the solicitor his fees. This is because once you agree that you will take their services then you are bound to pay them their fee.

Some solicitors offer their services in a package format. This is known as fixed fee conveyancing. To avoid any unwanted and surprising cost, you can consider this option. However, fixed fee conveyancing might be a bit higher compared to normal conveyancing. In the end, the average cost of conveyancing will always be in the range of one thousand to two thousand pounds or more depending on the type and location of the property. Therefore, it is important to consider the cost and keep it in mind when you are planning to buy or sell a property. A conveyancing solicitor like Nigel Broadhead Mynard Conveyancing Solicitors for those seeking properties in the UK can easily get their job done with least worries.

Posted by on 17/08/2016 in Conveyancing Fees

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