When it comes to the overall cost of homebuying — moving or remortgaging — I suspect conveyancing will be quite far down your clients’ list of concerns.
They probably think it won’t be that expensive (online searches will show an array of cheaper options) and the service is likely to be similar, whatever they pay.
As advisers, you’ll know this is not the case.
But the reality is that, if you let clients go on their conveyancing journey alone, you run the risk of having a disappointed client, who may end up blaming you for any inflated costs or delays.
You also risk missing out yourself on a strong income stream.
Rising costs
Take the cost argument alone. Conveyancing costs have risen by almost a fifth, or as much as 18%, over the past year, according to a March survey by property portal Moverly.
I suspect that conveyancing costs are going to continue to rise
The survey found that homebuyers paid an average of £1,375 when buying a freehold property, and £1,746 when they purchased a leasehold. This is an annual increase of 13% for freehold costs and 13.3% for leasehold costs.
However, on a regional basis, the biggest freehold conveyancing cost increase was posted in the Northeast, where an annual rise of 18% put the average cost at £1,311.
These increases are understandable given that, traditionally, conveyancers have underpriced their services.
When you add in rising demand and the extra workload that brings, there was always going to be a point at which prices had to rise.
Now that stamp duty thresholds have fallen (in April), you may anticipate demand will slow, and conveyancers will have to cut their cloth accordingly.
If you let clients go on their conveyancing journey alone, you run the risk of having a disappointed client, who may end up blaming you
Some may do this, but I suspect that conveyancing costs are going to continue to rise, not least because conveyancers’ responsibilities are going in only one direction: upwards.
However, advisers will be best placed to mitigate rising costs by taking control of their clients’ conveyancing needs.
Of course, it is possible to secure remortgage conveyancing for only hundreds of pounds. And, as we know, there are also ‘free legal’ options, which sound too good to be true — because they are too good to be true.
Game changer
Being able to guide your clients towards good conveyancing advice and to secure the accompanying referral fees, for even half of your existing customers, could be a meaningful game changer. It can provide a healthy revenue stream for life.
Advisers will be best placed to mitigate rising costs by taking control of their clients’ conveyancing needs
By becoming actively involved in the conveyancing process, you are much more likely to have a happy client at the end, who is probably worth their weight in gold in recurring business and referrals.
If you’re not already involved in conveyancing, there is really no time like the present.
This article featured in the May 2025 edition of Mortgage Strategy.
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