Fixed-price conveyancing fees scrapped

THE cost of buying a house is predicted to fall after fixed conveyancing fees were abolished.

The Channel Islands Competition and Regulatory Authorities has welcomed the Guernsey Bar decision to remove its professional conduct rule that had fixed charges for property deals – a decision that followed the introduction of the competition law in the island.

'Based on our experiences in Jersey, I'm confident that Guernsey consumers will benefit from lower conveyancing fees with more choice and the ability to shop around in future,' said Cicra chief executive Andrew Riseley.

'Since the fixed fees for conveyancing were removed shortly after the competition law came into force in Jersey in 2005, Jersey consumers have benefited from considerable reductions in conveyancing charges as law firms began to actively compete on price.'