What is the average charge for conveyancing?. ... is it a meaningful figure?.
average conveyancing costs
Conveyancing is a legal process by which the legal transfer of title of property takes place. It may also suggest transferring of title of properties for mortgage or lien purposes.
The role of a conveyancer is to take up all the concerns regarding the legal transfer of title of property. This takes skill, knowledge and time, and for this reason they will raise a charge. These charges are raised as their remuneration. So, what are the average conveyancing costs associated with buying or selling a property?
A Conveyancer must ensure that the owner of the property has all of the appropriate documents to buy the property properly. They also undertake some work for the buyer too.
This work includes land registration, processing of stamp duty, legalization of papers, drawing up of draft contracts, finalisation of contracts and searches.
And for all of this hard and specialised work they put in on behalf of their clients, they charge their fees.
Generally, conveyancing is done by professional solicitors or by licensed conveyancers, as it is a legal process and needs to do be carefully, without any faults whatsoever.
Average conveyancing costs will differ from conveyancer to conveyancer and from client to client too. Some charge by the hour, some charge extra for the phone calls, travel expenses etc. and some charge as per the client's benefit.
But mostly the charges are based on the value of the property to be sold or purchased. This means that it is the price of the property that you are buying or selling which will dictate the cost of your conveyancing.
With some conveyancers, a fixed rate is allotted as - but one must be very careful to look out for higher charges elsewhere (telegraphic transfer fee etc).
Some surveys suggest that on average a conveyancer charges £500 or more in legal fees
for a transaction between a buyer and seller where the property in question is around the £100,000 mark. Don't forget that there are other charges to be added to the legal fee (for searches and the like)
The average conveyancing costs are higher for leasehold properties as checking of the lease is included as part of the conveyancers' workload.
This kind of legal property transfer through a Conveyancer is very common in the United Kingdom, Australia and United States of America - and there is plenty of competition for the work - so shop around, and be sure to read customer feedback on each solicitor that you think of using.
Author: Terry Davies
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Birchall Blackburn Law (BB Legal Ltd)