Posted on 19 May 2020
How much does conveyancing cost?
We’re sure that one of the biggest questions on your minds when getting to the stage of solicitors is… “How much is this going to cost me?!”
Have no fear, we are here…..
What is an average solicitor fee? –
If you know what you want, getting a good deal or ‘shopping around’ is an instinctive process before buyers commit to a purchase of any good or service.
People have a natural drive to be as resourceful as possible with that hard-earned cash. Have you ever committed to a deal and regretted it? You are not alone. It is unsettling, it makes you irritable and can get you pretty worked up the more you think about it. In many cases, it can give you an aversion to buying from a similar vendor again. This is unhealthy for any industry as a whole and is symptomatic of opaque, misunderstood pricing.
With that in mind, let us look at some top line figures…
According to Statista the average house price in 2019 is just under £234,000. The average conveyancing fee across the UK for a £200,000 – £300,000 property transaction would be from £700 -£1,200 in Sale and £1,000 – £1,500 in Purchase. These figures have been based on a representative sample of transactions across the UK.
Now you know what to expect, you are probably asking “how do solicitor fees actually work?”. This is an important question to ask, and we do not blame anyone for asking – in fact, we applaud you for finding the right place to find out!
Firstly, as you might expect, every solicitor is different, but it is also true that each solicitor provides a different level of service and has a different fee structure. When you consider add-ons, tailored offerings, and discounting, it is no wonder home movers are left gambling at a crossroad.
One thing to keep in mind is that it is not unusual for extra fees to appear throughout the conveyancing process. Depending on the solicitor you use, it may be wise to anticipate some increase in payment due to unforeseen costs (see our blog on Top 5 Tips when choosing a solicitor to show you how to mitigate this).
This is usually due to the price of leasehold documents, additional searches (if any issues are discovered with surveys/planning permissions/title deeds etc) or extra time spent on the case. We advise you to pay close attention to the instruction contract provided by the solicitor before you commit. As a ballpark figure, it is also prudent to budget for a £150 – £250 fee increase during your transaction, just in case.
Unfortunately, there has not been a golden master-key to unlock all those secrets, until now. Yes, this is a shameless plug for ExchangeTrain.co.uk where, not only can you easily compare solicitors, solicitors bid for your business!