Conveyancing fees rise by over 8% in the last year
Property Solvers’ research of firms reveals that average conveyancing fees for house purchases have increased from by over 8% in last year.
Property Solvers’ latest research of 100 residential conveyancing firms reveals that average fees for house purchases have increased from £1,092.89 to £1,184.21 (8.02%) since early 2022.
Fees for leasehold sales and purchases grew by 22.6% and 38.24% respectively.
Property Solvers’ annual research of legal practices (in England and Wales) has revealed that average residential conveyancing fees for a freehold tenured property sale and purchase in early 2023 stood at £1,119.10 and £1,184.21 respectively (inclusive of VAT).
This represents increases of 2.61% (for home sales) and 8.02% (for purchases) relative to similar data collected in early 2022.
Average conveyancing costs for a leasehold property sales saw more notable increases – by 22.60% for sales (from £1,077.20 in 2022 to £1,351.71 in 2023) and by 38.24% for leasehold property purchases (from £975.66 in 2022 to £1,436.92 in 2023).
The property sales company approached 100 conveyancing firms for direct quotes. It was assumed that a mortgage was being redeemed upon sale completion or the property was being purchased with a mortgage. Property values in the quote request never exceeded £300,000 for purchase or sale. Also, the fees do not include disbursements (telegraphic transfer charges, searches, ID checks etc.).
Remortgaging costs (based on the secured loan of £225,000 saw an average cost rise of 5.92% (from £606.51 in 2022 to £643.51 in 2023). According to Property Solvers, leasehold supplementary costs tend to lie at between £100 and £250.
Ruban Selvanayagam, of Property Solvers, commented:
“Despite inflationary pressures, it would seem that many conveyancing firms have decided not to increase their fees too drastically.
“However, the increase in leasehold conveyancing fees reflects the extra workload required and the idiosyncratic nature of the work.
“Much also depends on the firm’s location and reputation. For instance, there were freehold sale quotes ranging from as low as £648 right up to £1,700 (inclusive of VAT).
“We also came across remortgage conveyancing fees from £298.80 through to £1,200 (inclusive of VAT).”
Selvanayagam concludes:
“However, for the foreseeable future, it’s often best to avoid quotes that are notably under average – particularly from firms that only have an online presence.
“Remember to also check the firm’s TrustPilot Reviews and Review Solicitors pages.”
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