What is the average cost of conveyancing fees UK?
Conveyancing fees are an essential aspect of the home-buying or selling process in the UK, ensuring that all legal matters are properly handled. So what are conveyancing fees and what is the average in the UK? These fees can be broken down into two main components:
- Legal Fees: These are the charges levied by your solicitor or conveyancer for the work they do in managing the legal aspects of your property transaction.
- Disbursements: These are additional costs paid to third parties for specific services, such as property searches.
Some conveyancing fees are only applicable to buyers, while others are exclusive to sellers.
What Are the Average Conveyancing Fees in the UK?
When purchasing a property, the average conveyancing fees range between £500 and £1,095, excluding disbursements, according to a recent review of conveyancing solicitors across the UK. Disbursements can add up to £700 or more to your overall costs.
For those selling a property, the average conveyancing fees range from £500 to £1000. It’s important to note that if you’re dealing with a leasehold property, you should expect an additional £200 on average due to the increased complexity involved.
The cost of conveyancing is typically tied to the value of the property in question and every property lawyer charges different fees.
Calculating Conveyancing Fees
For a more accurate estimate tailored to your specific transaction, you can use our conveyancing fees calculator. This tool allows you to compare quotes and get a clear idea of what to expect in terms of costs.
Breaking Down the Legal Fees
The legal fees component of your conveyancing bill covers the work undertaken by your solicitor or conveyancer. The amount you’ll pay can vary based on several factors, including:
- Whether the property is leasehold or freehold
- If the property is a Buy to Let
- Whether it’s a new build
- If the property involves a mortgage
- Whether it’s a company purchase
- If you are a non-UK resident
- The location of your conveyancer
- Whether you’re using a solicitor or a licensed conveyancer
- The price of the property
- If you’re purchasing under schemes like Shared Ownership, Help to Buy, or Right to Buy
- Whether additional searches are required, for example, if the property is near a river or coal mine.
Understanding these factors will help you anticipate the legal fees you may incur during your property transaction.
If you’re in the process of buying or selling a home, being aware of the average conveyancing fees and what they cover will help you budget accordingly and avoid any unexpected costs.
If you want a free no obligation conveyancing quote you can use our conveyancing calculator. Versus Law are a 5* rated property lawyers based in Manchester.