If you’ve been keeping an eye on conveyancing fees, there’s some intriguing news on the horizon.
According to research by Property Solvers, conveyancing costs are rising, but with a gentler touch than before. However, don’t be tempted by those “suspiciously cheap” services. Ruban Selvanayagam warns that bargain-basement prices often mean bargain-basement service. Anything below £500? Probably best to steer clear!
The latest research shows a modest 0.21% rise in average legal fees for house purchases, inching up from £1,187.98 to £1,190.52. But leasehold transactions? They’re seeing a more robust hike, with sales fees jumping 7.14% and purchases up 6.16%. Remortgage fees aren’t far behind, climbing by 6.80%.
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For those dealing with freehold properties, the news is a mixed bag. Fees for sales and purchases have seen only slight changes, with a 0.21% increase and a 0.74% decrease, respectively. Meanwhile, leasehold transactions are feeling the squeeze, with costs climbing above inflation rates.
Selvanayagam notes that while conveyancing fees have stabilised somewhat, the complexities of leasehold sales and remortgages continue to drive up costs. So, as you navigate the property market, keep an eye on those conveyancing costs and remember: you get what you pay for!
Want to hear more? Join Mal on the Property AI Report Podcast each week!
Access from your preferred podcast provider by clicking here
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