Marginal increase in conveyancing fees

New research has uncovered some significant hikes in conveyancing fees over the past year - with freehold purchases being hit hardest. On average, costs increased by 8%, reaching £1,184.21 per transaction! Freehold sales saw a smaller but still notable jump of 2.61%. Leaseholds weren't exempt either; both sale and purchase charges increased by 22% and 38% respectively. Property Solvers' annual study involved 100 firms across England & Wales.

When searching for quotes from firms, it was found that the maximum value of properties being purchased or sold was £300,000. The average cost to remortgage a secured loan worth £225K rose 5.92% in one year - from £606.51 up to nearly 650 pounds! And if you're dealing with leaseholds then extra fees could range anywhere between £100-250

Despite inflation, many conveyancing firms haven't hiked prices too drastically. That being said, fees for leasehold transactions tend to cost a bit more due to the extra legwork needed and complexity of each case. Plus it depends where you're located and what type of service your firm provides - freehold sale quotes can sometimes range as low as £648 or shoot up all the way to £1,700 (VAT incl.), while remortgage quote could be anything between £298-£1200 (all VAT included).

At MJP we look to offer competitive fees so please give us a look - call now for a quote 01603877067