Conveyancing costs rise 8% to £1,184 in 2023 – Mortgage Finance Gazette
This breaks down to rises of 2.6%, for home sales, and 8%, for purchases, compared to 12 months ago says the quick house sale business, which surveyed 100 residential conveyancing firms.
It adds that average conveyancing costs for leasehold property sales saw more notable increases, rising by 22.6% for sales to £1,351.71. Leasehold property purchases jumped 38.2% to £1,436.92 this year.
The data points out that remortgage costs, based on the secured loan of £225,000, saw an average rise of 5.9% to £643.51.
According to the business, leasehold supplementary costs tend to lie between £100 and £250.
Ruban Selvanayagam of Property Solvers says: “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.”
The firm says it approached conveyancing firms in England and Wales for direct quotes. It was assumed that a mortgage was being redeemed on sale completion, or the property was being purchased with a mortgage.
Property values in the quote request never topped £300,000 for purchase, or sale. Also, the fees do not include disbursements, such as telegraphic transfer charges, searches and ID checks.