A survey of 100 conveyancers from home sales and auction company Property Solvers indicates legal firms are asking for higher legal fees on leasehold flats and properties, against a lower average eight per cent uplift for freehold properties.
Average fees for freehold house purchases have increased from £1,092.89 to £1,184.21 since early 2022.
This represents increases of 2.61 per cent for home sales and 8.02 per cent for purchases against similar data collected in early 2022.
Property values in the quote request never exceeded £300,000 for purchase or sale and the fees do not include disbursements like telegraphic transfer charges, searches or identity checks.
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.
Ruban Selvanayagam, co-founder of Property Solvers, said: “The increase in leasehold conveyancing fees reflects the extra workload required and the idiosyncratic nature of the work.
“Despite inflationary pressures, it would seem that many conveyancing firms have decided not to increase their fees too drastically.”
He said variation between firms can be wide, often depending on a firm’s location and reputation with purchase quotes ranging from £648 right up to £1,700 or £298 to £1,200 for remortgaging, with VAT added. But he added that the lowest fees may not reflect the best overall service.
