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Why Are Conveyancing Fees Based on Property Price

Conveyancing Fees

Surely the same amount of work is involved regardless of property price? The truth is, it does not matter how simple a matter may seem, the same amount of due diligence and compliance is required of conveyancers by UK Government.

Even a simple matter, which you think can easily be dealt with, needs a paper file to be opened, due diligence, up to date client ID, AML checks, source of funds compliance and so on. This applies even if you are an existing client. This admin mounts up and results in the fees quoted. Conveyancers are NOT permitted to dispense with opening a file or with due-diligence. Regulations bind conveyancers. We have no choice.

It is also worth noting that your law firm must have Professional Indemnity Insurance (PII). Every transaction affects the firm's PII. A property with a higher value will require a higher contribution. This is why there is a sliding fee scale. HM Land Registry fees also change depending on property price.

Higher Value property is going to equal Higher Fee payable.

Did You Know that Fixed Fee Conveyancing Equals Limited Duties

Recent case law related to a new build plot with a tight deadline enforced by the developer. The buyer and law firm agreed a low fixed fee conveyancing rate. The conveyancers were pushed to meet the developer's timescale to exchange. The deadline allowed little opportunity for due diligence. The buyer sued the law firm after completion over a wider road issue that was NOT revealed in the searches. The moral of the story is: You may want to pay a fixed fee but bear in mind you don’t get an unlimited service.

You get what you pay for.


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