New research has revealed average conveyancing fees have increased by 8% since the beginning of last year.
Specifically, the average freehold purchase fee increased to £1,184.21 from £1,092.89 over the period, an 8.02% rise. The rise seen for freehold sale fees was smaller at 2.61%, bringing the average cost to £1,119.10.
Fees for leasehold sales and purchases also grew by 22.6% and 38.24% to £1,351.71 and £1,436.92 respectively, according to Property Solvers’ annual study of 100 firms in England and Wales.
Note that in obtaining the direct quotes provided by the firms, 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.
“Despite inflationary pressures, it would seem that many conveyancing firms have decided not to increase their fees too drastically,” said Ruban Selvanayagam of Property Solvers:
“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).”
