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Average conveyancing fees in 2016

There are many options when it comes to conveyancing, even if it is a big city or a small one. You can choose the online conveyancing to save the time you would spend on travelling towards the solicitor’s office and waiting for your appointment. The alternative is to go with a local solicitor, who has a better knowledge of the local market and could better suit your needs.

Depending on the type of conveyancing you need and the property, the costs differ, sometimes within a wide range. The legal fees usually cover the charges for the solicitor’s time, counsel, the fees for handling the case and the administration fees. Always double check any additional costs with the solicitor before committing to anything.

If the conveyancer is paid by the hour, you will end up paying a lot of money just for his time. What about the fixed prices? Even if the firm advertises the fees as fixed, sometimes there’ll be imminent subsidiary costs added to the bill. Conveyancing is a dynamic process, so it is only natural for alterations to appear.

A report by Post Office Money and the Centre for Economics and Business Research states that the average conveyancing fee in 2016 in the UK is £1,419. We have to mention that these high numbers are probably related to a more complex conveyancing process, such as a sale of a freehold and a purchase of a freehold, both valued around £150,000.

On the other hand, a conveyancing including a leasehold or a commercial conveyancing will have a higher price, rarely under £1500, due to the complexity of the process. Researching the online quotes, you notice that on a purchase of a leasehold, that includes a mortgage, the average fee is lower than the prior one. On selling a freehold with a shared ownership, the price will change.

  • Freehold average conveyancing fee £850, with added disbursements around £450
  • Leasehold average conveyancing fee £1050, with added disbursements around £500
  • Commercial conveyancing starting with £1500

The fluctuations are closely connected to the type of the property, the type of conveyancing or if there’s mortgage. The average conveyancing fee does include the VAT but not the disbursements. In the final price, there might be a Stamp Duty, Land Registry fee or bank transfers fee as extra costs.

Posted by on 12/09/2016 in Conveyancing Fees

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