Move aims to shield clients from rising costs and support brokers' income streams
Conveyancing distributor Broker Conveyancing has announced that it will not pass on upcoming HM Land Registry fee increases to clients using its cashback or fixed price remortgage products.
From December 9, HM Land Registry will raise its information services fees by £4 for electronic services. For example, the cost of inspecting an individual register or plan will increase from £3 to £7, while official copies of an individual register or plan will also rise from £3 to £7. The registration, cancellation, or rectification of entries per name for certain services will also increase from £1 to £5.
For Land Charges applications submitted on paper, fees will increase by £6 for searches and £5 for official copies and inspections.
According to Broker Conveyancing, the increases will add over £15 in costs to each remortgage case. To shield clients from higher costs, the company has opted to absorb the additional charges for its cashback and fixed price remortgage offerings.
This decision, the distributor said, aims to protect brokers’ ability to offer competitive products without passing on costs to clients or compromising referral fees.
“These Land Registry fee increases may appear modest at first glance, but with hikes exceeding 100%, and some changes reaching up to 400%, the impact is far from insignificant,” said Mark Tosetti (pictured), chief executive of Broker Conveyancing.
“At Broker Conveyancing, we’ve decided to absorb these increases for our most popular remortgage products. We believe neither brokers nor their clients should face reduced referral fees or added costs. This ensures clients retain access to top-tier conveyancing services while brokers protect their income and maintain business continuity.”
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