What are the Average Conveyancing Fees for 2016?
08 January 2016
There is a wide range in conveyancing fees in the UK and if you are planning to buy a property in 2016, it is well worth carrying out some research so you can budget the right amount to cover all of the additional costs on top of the cost of buying the property.
The internet is full of ads offering very low online fixed fee conveyancing services but will these services really offer you a comprehensive service to complete one of the biggest purchases you will ever make?
A study by Post Office Money and the Centre for Economics and Business Research showed the average cost of conveyancing fees in the UK was £1,419. This figure only amounts to 12% of the total outlay of fees connected to buying a property, which include items such as removals, surveyor fees, stamp duty and estate agency fees.
It is important to be clear that the above figure does include VAT and is probably reflective of a more complex property sale, such as a leasehold property. Leasehold sales are more complex and therefore attract higher fees. Freehold properties are less complicated and this will be reflected in the conveyancing quote.
Fixed fee conveyancing quotes are commonplace but it is important that you are clear about the work that is covered in the quotation. Ask for written details outlining exactly what is included with the conveyancing quote so there are no nasty surprises at the end of the conveyancing process when you are sent a bill with additional hourly rate charges, which weren’t covered in the quote.
The average total cost in fees to move home in the UK is nearly £12,000 and the survey carried out by Post Office Money and the Centre for Economics and Business Research showed that we are seriously underestimating the costs to move, with the 600 people surveyed budgeting just under £7,000; a deficit of around 20%.
At Co-op Legal Services the price you are quoted for conveyancing is the price you will pay, with no hidden fees or hourly rate charges. As part of the Co-op group, our values of honesty, openness, caring for others and social responsibility are core to the services we provide.
In addition to support you in the conveyancing process, we recognise that sometimes things go wrong and property sales do fall through so we offer a No Sale No Fee Guarantee.