The average conveyancing fee for leasehold purchases across the UK has risen significantly, new data from a home buyig firm has revealed, reflecting the more complex challenges they present.

It shows that while property sale conveyancing fees for freehold properties inclusive of VAT increased slightly to £1,190 last year and purchase fees to £1,256, fees for both the sale and purchases of leasehold properties increased by 7.14% and 6.16% respectively.

The data, which was garnered from 100 residential conveyancing firms, also reveals leasehold supplementary costs/disbursements were between £250 and £600, with the seller incurring the majority of the financial burden.

Aggressive hikes

Property Solvers boss Ruban Selvanayagam (main image) says: “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.

“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.”

“While 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.”

Selvanayagam also urges those moving home to be cautious of 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 adds.

“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.”