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What is the average cost of conveyancing in the UK by region?
Hello and thank you for your question in regards to the average cost of conveyancing in the UK by region. In short, the average of conveyancing fees does not vary by region but rather by value of property. I have included in this spreadsheet the different fees based on the purchasing, selling, and remortgaging of a property and depending on the price. Furthermore, online conveyancers tend to be cheaper due to a higher competition level.
METHODOLOGY
To accurately answer the question, I have ensured to limit my research to recent and reputable sources reflecting up-to-date numbers. My research included sources such as corporate websites, Industry reports, as well as online quotes. I have plugged in the fees associated with residential properties depending on its value in a spreadsheet for convenient reading. Next, I continued to provide information on real estate agents' commissions, as well as online conveyancing fees.
FINDINGS
The majority of solicitors or licensed conveyancers will calculate conveyancing fees based on the value of the property. Based on the Conveyancing Calculator's Network for Solicitors and licensed conveyancers for 2016/2017, I have included the fees associated with buying, selling, and remortgaging a property by value from £100,000 to £1,000,000 in this attached spreadsheet. These rates are an average of all different regions in the UK such as Northern Ireland, England, and Scotland.
The conveyancing market is changing over the years as competition has increased. Consumers are no longer going with the first recommended solicitor, but rather searching online for the best rates. Looking at commercial conveyancing, the competition is considerably less as they are more difficult and have higher fees that are charged by the hour. Generally the average fees for a freehold is £850, the leasehold at £1050, and starting at £1500 for commercial conveyancing.
To look at prices for specific properties in specific regions across the UK, some helpful quote forms that can be filled include MoneySupermarket's form, the Conveyancing Index online generator, and Wilson-Nesbits form for Norther Ireland. Furthermore, on average real estate agents will be paid £200 out of a conveyancing bill of £500-£750, which is approximately 27%-40% of the total bill.
When looking at online conveyancers, they tend to be cheaper than traditional ones due to a higher level of competition. For example, according to an instant quote by Homebuyer conveyancing, the legal fees for purchasing a property in different regions such as Belfast, London, or Scotland is £397 online, while it costs £450 with traditional conveyancers for the same areas.
CONCLUSION
To summarize, I have included in this spreadsheet the different fees based on the purchasing, selling, or remortgaging of a property and depending on the price. Additioanlly, online conveyancers tend to be cheaper due to a higher competition level.
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