Cheap Low Cost Conveyancing, Is It Worth It?
In the majority of cases, cheap conveyancing isn't worth it. Cheap conveyancing solicitors may seem ideal at first, especially if you're looking to save money. However, when you look at what is being offered, you’ll realise it’s typically just the cost of the legal fee. It doesn't include extra costs that come with conveyancing.
Many conveyancers will quote the cost of the legal fees alone to seem less expensive and to provide a "competitive" price. This is why you should always be wary when you see advertisements for cheap low-cost conveyancing.
A genuine conveyancing quote should always include the solicitor’s legal fee and the conveyancing disbursements. These will include the cost of property searches, Stamp Duty and Land Registry fees.
- Understanding Conveyancing Costs
- Are Conveyancers Cheaper Than Solicitors?
- What to Look Out For in Low Price Quotes
- What to Expect in a Conveyancing Quote
- Is Online Conveyancing Cheaper?
- What Type of Property is the Cheapest for Conveyancing?
- What's the Difference Between an Estimate and a Quote?
- Do You Get Cheaper Quotes in Different Parts of the UK?
- Does Paying More Mean You'll Get a Better Service?
- How to Get Cheap Conveyancing Quotes When Moving
- Learn More About Conveyancing
Understanding Conveyancing Costs
In 2022, the average solicitor fees for buying a house are £2,339 and the average solicitor fees for selling a house are £1,690. Conveyancing costs are made up of the legal fee, disbursements, and other potential costs. You will need to factor these into the overall cost.
Many conveyancers will offer a fixed fee conveyancing service. This means the price you're quoted upfront won’t change. Some conveyancers offer no sale no fee conveyancing. With this service, you're not required to pay the solicitor’s legal fee if your sale falls through. You will still have to pay other third-party costs.
Some conveyancers still charge an hourly rate. This may seem to be a cheaper option at first, but it doesn’t include third-party costs. This can quickly add up.
For more information, read conveyancing fees.
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Are Conveyancers Cheaper Than Solicitors?
Solicitors tend to charge more than conveyancers because they are more qualified in a range of areas within property law. They can help with complicated cases that involve lease extensions, transfer of equity or remortgaging.
If you are unhappy with your chosen professional, it's possible to change solicitors or conveyancers when buying or selling a house.
What to Look Out For in Low Price Quotes
There’s an abundance of cheap online conveyancing quotes with prices advertised as low as £99. This will likely be the solicitor’s legal fee alone. The majority won't include other important costs.
For an average-priced house, it’s important to avoid any quotes that are well under £1,000. If you think a quote is too cheap, then it's probably too good to be true.
When looking for lower price quotes, you will want to base the figures on the average costs. Where possible check what costs factor into the quote provided.
What to Expect in a Conveyancing Quote
Below, we’ve included a breakdown of the usual costs you’ll find in a conveyancing quote for buying a house priced at the UK’s average. This is based on our Solicitors Fees for Buying a House UK and Conveyancing Fees cost data.
| Item | Avg. Cost |
|---|---|
Solicitor’s legal fee | £1,320 |
Property search pack | £290 |
Anti-money laundering checks | £5 |
Bank transfer fee | £40 |
Transfer ownership with Land Registry | £438 |
Stamp Duty | Price varies between 0% - 12% |
It’s important to note that these are average costs. Each conveyancer or solicitor will have a different legal fee and local councils will have different prices for searches.
Other costs will depend on your personal circumstances.
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Is Online Conveyancing Cheaper?
Online conveyancing services are cheaper than traditional conveyancers. This is why many people choose this option.
Online conveyancers can charge less because they take on a lot more cases at once. In traditional conveyancing, a buyer or seller will typically only deal with one solicitor.
Some people dislike online conveyancing as they believe their case will be rushed. Others prefer this method because everything is completed digitally, with no need to sign documents in person.
To learn more, read what is online conveyancing?
What Type of Property is the Cheapest for Conveyancing?
Solicitors base their conveyancing quotes on the value of the property you’re buying or selling. The higher the house is priced, the higher your conveyancing costs will be.
If you’re buying a freehold property, you’ll experience cheaper conveyancing fees in comparison to a leasehold property. Buying a leasehold involves additional conveyancing work, therefore a higher legal fee.
Conveyancing for a Shared Ownership or Help to Buy property will also require more conveyancing work. This means it will be more expensive.
What's the Difference Between an Estimate and a Quote?
A quote is an agreed price that should not change throughout the process. An estimate is a rough idea of the price that is subject to change.
It’s essential to get a full breakdown of the quote before you pay for the service. This ensures all the costs are included and there are no hidden charges.
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Do You Get Cheaper Quotes in Different Parts of the UK?
An important part of the conveyancing quote will be the property searches. The cost of these will vary depending on each local council and their set prices.
According to the City of London council website, a Local Authority Search will cost a total of £133.20. Whereas Manchester Council’s Local Authority cost is £74.50 for the standard search of the Con29 and LLC1.
Cost of conveyancing searches across the UK:
| City | Cost of Conveyancing Searches |
|---|---|
London | £133.20 |
Manchester | £74.50 |
Bristol | £104 |
Cardiff | £119 |
Leeds | £75.46 |
To learn more, read what is a local authority search?
Does Paying More Mean You'll Get a Better Service?
No, paying more for your conveyancing doesn’t guarantee a better service.
Here are some reasons why you may pay more for your conveyancing fees:
- The property has a high value
- You're buying a leasehold property
- You're buying with Help to Buy
- You're buying with Shared Ownership
The conveyancing process usually takes between 8-12 weeks, regardless of how much you pay. Conveyancing searches take the longest time to be returned. Although some councils offer a quicker service for an additional fee.
The majority of the process is made up of legal practices and dealings with mortgages. As these are third-party services, they will take the same amount of time for most people.
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How to Get Cheap Conveyancing Quotes When Moving
If you're looking for reasonably priced conveyancing quotes, our service can assist you with this. Here at Compare My Move, we can place you in contact with up to 6 different conveyancers. They will all provide you with conveyancing quotes and you can compare them and decide which is the best deal for you.
Learn More About Conveyancing
This is part of our conveyancing guide. In our next article, we discuss completing conveyancing yourself. To read more on this topic see our article: DIY Conveyancing Explained
