The distribution firm said brokers are missing out on earning fees over £200 per transaction by not offering clients conveyancing.
Harpal Singh, managing director of Conveyancing Alliance, said: “Some advisers are missing out on the transactional conveyancing sale to the estate agent and this cut in fees is designed to generate broker interest while providing an important cost-saving for the client.
“Brokers should engage with the transactional conveyancing process and at the same time benefit from the extra income opportunities to be had. Some brokers are already earning fees of over £200 per conveyancing transaction. This will involve some extra work but it will be worth it in terms of providing a more holistic and professional advisory service.”
Transactional conveyancing fees start at £229 plus VAT; the previous cheapest fee was £310 plus VAT, offering a saving of £81. The overall cost of transactional conveyancing depends on the value of the property.
Singh added: “The timing is also particularly apt given the suspension of home information packs meaning purchasers will have to pay for search costs where previously the vendor paid. This transactional conveyancing cost-saving will come at the right time for many who will need to pay for new searches as those within the HIP may already be out of date.”
