Conveyancing Fees Set to Rise Dramatically

09 Nov 2020

UK Conveyancing Fees are set to rise dramatically from the start of the new year for house buyers following the end of both the stamp duty holiday and reduction in vat rate.

The cost rises are likely to hit first time buyers and the few remaining buy to let investors hardest as the stamp duty holiday affects property priced between £125,000 and £175,000 increasing the cost by a minimum of between £1250 and £1750 for those house purchasers affected.

Ben Tatters, head of residential property at abt Law LLP and spokesman for Evolved Conveyancing, specialist online conveyancing solicitors today said, "It is unfortunate that conveyancing costs are increasing just at the worst time for the property market, just as we are seeing a slight return of confidence. This additional cost for home buyers comes on top of the Land Registry fee increases by the Government in the middle of year and could be the deciding factor for many first time buyers and property investors. We're incredibly disappointed that the Government appears not to care about supporting any recovery in the housing market whilst continuing to put billions into bailing out the banks" Ben advises all house buyers with an agreed purchase whose property is priced within the affected bracket to push to complete the transaction prior to the start of the new year and the Christmas break to avoid the price rises. Unfortunately over the Christmas period everything grinds to a halt as the banking system is offline, essential for the completion of conveyancing transactions.

The best advice would be to push the seller and estate agent to agree a date for completion of the purchase before 31 December and to exchange contracts for this date as soon as you can. Make sure you are ready to exchange contracts including having your survey done early and your mortgage agreed as soon as possible to put your solicitor in the best position to push for exchange of contracts. This way you may be able to avoid the substantial increase in costs” Whether or not property falls into the affected bracket for stamp duty increases, all house buyers and sellers will be affected by the rise in VAT, following the reduction put in place by the Government last year to help the floundering economy. Estate agency fees, Home Information Packs and Conveyancing Fees are set to rise by 2.5% adding pounds to already beleaguered house buyers and sellers bills.

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