Fixed fee conveyancing is when a pre-agreed price is set for legal services. The price quoted at the start should be the price you pay at the end.
This fixed fee will not include any optional extras you may request such as a survey review. Your conveyancer should lay out the costs for any additional services in these instances.
In this guide, we discuss the differences between fixed fees and hourly rates. We’ll also take you through the pros and cons.
Hourly Rate vs Fixed Price Conveyancing
A solicitor that offers hourly rates will charge customers based on the amount of time they act on their behalf. The main advantage of hourly rates is the solicitor will charge the same rate regardless of the task. This means you will not be subject to additional charges for documents and necessary enquiries.
On the other hand, hourly rates are risky as the final quote can drastically increase. This is often the case when buying a leasehold property, your solicitor will have extra tasks, such as reviewing the Leasehold Management Information Pack.
Fixed fee conveyancing may appear more expensive initially as you will receive your initial quote at the start of the process. However, this may work out to be a lot less than hourly rates.
Whichever route you choose, make sure you receive a breakdown of the solicitor’s services and fees where possible.
Save money on your conveyancing costs
Accredited property conveyancers
Used by over 1 million people
No Sale No Fee Guarantee
Different to fixed fee conveyancing, “no sale no fee conveyancing” is a sales agreement from a conveyancer. This means if the sale or purchase of the property falls through, you won’t have to pay their legal fees.
You might still have to pay costs to cover the searches or any other third-party services used. Always confirm with your conveyancing solicitor if they offer a no sale no fee guarantee as well as fixed price conveyancing.
Fixed Conveyancing Fees
The fixed conveyancing fee covers the solicitor’s legal fee. The average solicitor fee for buying a house is £1,548, based on the average UK house price of £285,000.
The fee is dependent on the value of the property and the location. Most solicitors will provide a full breakdown of their fees. In some cases, they may include certain disbursements although this is not guaranteed.
The average solicitor fees are as follows*:
| Property Price | Average Solicitor Fees inc. VAT (£) |
|---|---|
Up to £100,000 | £1,090 |
£100,001 to £300,000 | £1,190 - £1,320 |
£300,001 to £500,000 | £1,390 - £1,490 |
£500,001 to £700,000 | £1,750 - £1,800 |
£700,001 to £1,000,000 | £2,000 - £2,160 |
*Data taken from Compare My Move’s data
Save money on your conveyancing costs
Accredited property conveyancers
Used by over 1 million people
Avoiding the Risk of Being Overcharged
Using a fixed fee service can help reduce your conveyancing costs. To ensure you’re not overcharged, you should:
Thoroughly read through the quote breakdown so you know what the cost covers
Read each item on the quote and query anything you’re unsure on
Make sure each company explains what service you will receive
Read the Terms and Conditions so you're not surprised by any hidden costs
Pros and Cons of Fixed Fee Conveyancing
Pros
- Budgeting is easier as you should have a pre-agreed price
- Higher level of certainty as you're aware of what you're paying
- Transparent services
- Reduces the risk of encountering engrossment fees
Cons
- Unclear communication with your solicitor can lead to misunderstandings
- Not all agreements will be the same to ensure the solicitor makes a profit
- Surprise charges can occur
Save money on your conveyancing costs
Accredited property conveyancers
Used by over 1 million people
Finding a Conveyancer
At Compare My Move, we can connect you with up to 6 conveyancers to save you up to 70% on your conveyancing costs.
All our conveyancing partners have passed our strict verification process for your peace of mind. This means they are all regulated by one of the following regulatory bodies:
Solicitors Regulation Authority (SRA)
Council for Licensed Conveyancers (CLC)
Law Society of Scotland (LSS)
Law Society of Northern Ireland (LSNI)
Chartered Institute of Legal Executives (CILEX)
Need a Surveyor?
Once you've found a conveyancer, you soon might need the help of a RICS property surveyor. Simply fill in our integrated conveyancing and surveying comparison form to get connected today.
You can compare companies through our integrated conveyancing and surveying form by filling out a few extra steps. We will then connect you with local conveyancers and surveyors to save on the whole process.
Frequently Asked Questions
What is a conveyancer and what do they do?
Conveyancers are responsible for the legal process of buying and selling property. They will guide you through the transaction and explain any legal jargon. Some tasks include drafting contracts, arranging conveyancing searches and liaising with third parties.
They will make payments on your behalf such as electronic money transfer fees and Stamp Duty Land Tax (SDLT).
Read more on What is a Conveyancer and What Do They Do?
Can I change solicitor?
If you decide you have chosen the wrong option, you do have the option of changing solicitors. Keep in mind that you may lose the funds you have spent.
