Property Solvers obtained quotes from accredited conveyancing law firms (in England and Wales) to get a broad idea of where the average prices stood at the start of 2021 ..
Approaching 100 qualified conveyancing practices, the fast home sale company requested quotes for the most common types of sale and purchase transactions (see the full research here).
Inclusive of VAT, the data showed that the average fee at the start of 2021 for a freehold property sale was £899.79. For a property purchase of the same tenure, the average came out as £911.35. For leasehold property transactions, the average sale fee was at £907.95 and at £842.30 for purchases.
The research also tracked remortgaging fees (of a freehold property) with average costs coming out as £565.40 including VAT.
The quote requests assumed that mortgages were to be involved (either redeeming for sale or financing the property purchase) and that the values involved did not surpass £450,000. However, the extra costs of disbursements were also not included – which can vary hugely depending on the type of transaction.
Speaking on the data, James Durr Property Solvers’ co-founder underlines: “this data is a general guide only. It’s always worth approaching conveyancing firms directly for prices based on the intricacies of your own property transaction as you may find that there’s an extra premium.”
“For instance, conveyancing fees for traditional and modern auction sales as well as Help to Buy, buy-to-let and inherited property transactions are often higher due to the extra workload required.”
Durr also warned against so-called ‘pound shop’ conveyancing practices, commenting: “We came across quotes as low as £377 and a number were in the £500 to £600 price range. Without casting aspersions, there’s a fine line between paying too little for conveyancing and, in return, receiving an inferior level of service.”
“On this note, also watch out for hidden extras that may unexpectedly appear on your final completion statement,” he added.
Durr recommends speaking with the conveyancer and asking for a detailed quote prior to instruction in addition to seeking out recommendations and checking online reviews.