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Home REAL ESTATE

Conveyancing fees edge higher

Property Industry Eyeby Property Industry Eye
February 12, 2025
Reading Time: 2 mins read
in REAL ESTATE, UK&IRELAND
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Property Solvers’ latest 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 2025 stood at £1,190.52 and £1,256.23 (inclusive of VAT) respectively. This represented a 0.21% rise and an 0.74% slight decrease respectively.

Average conveyancing costs for leasehold property transactions, however, saw above CPI-measured inflation growth.  Prices rose by 7.14% for sales (from £1,401.99 in 2024 to £1,505.80 in 2025) and by 6.16% for leasehold property purchases (from £1,491.83 in 2024 to £1,586.65 in 2025). According to the fast sale and auction company, leasehold supplementary costs / disbursements tend to lie between £250 and £600 (with the seller incurring the majority of the financial burden).

Property Solvers also obtained remortgage conveyancing quotes based on a secured loan of £225,000 (75% loan to value of £300,000).  Average costs rose by 6.80% (from £692.92 in 2024 to £741.67 in 2025).

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.).

Ruban Selvanayagam of Property Solvers commented: “After rather aggressive price hikes in recent years, it would seem that conveyancing fees have stabilised to a certain degree – reflective of a somewhat more subdued inflationary landscape.”

He continued: “Nonetheless, the complexity of leasehold property sales and what we see as the increased hurdles that conveyancers face when dealing with remortgages has seen an understandable increase in fees on these types of transactions.”

Selvanayagam also highlights caution on using “suspiciously cheap” conveyancing services:

“Whilst more conveyancing firms are rightfully incorporating AI and other associated efficiencies into their processes, we would generally recommend steering clear of anything below the £500 price point,” he added. “It’s often the case that such firms are operating a conveyancing-by-numbers approach which means you’re unlikely to be offered the best level of service.”

 

Read the orginal article: https://propertyindustryeye.com/conveyancing-fees-edge-higher/

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