Why Conveyancing Fees Are Based on Property Price

Updated: Aug 21

Surely the same amount of work is involved regardless of price?

The truth is, regardless of how simple a matter may seem, the same amount of due diligence and compliance is required by UK Government Regulations.

Even a simple matter, which you think should be easily 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 dispense with due-diligence. Regulations bind conveyancers.

It is also worth noting that your conveyancer’s Firm must have Professional Indemnity Insurance (PII) in place.

Each and every conveyancing transaction affects the firms PII. A property with a higher price will require a higher PII contribution in reference to that file. Hence the sliding fee scale.

HM Land Registry fees also change depending on property price.

Higher Value = Higher Fee.

15 views0 comments

Recent Posts

See All