Distributing firm Broker Conveyancing has decided to absorb the increased costs in Land Registry information services fees, rather than pass them on to brokers and clients.
This will benefit clients who take out either a cashback or fixed-price remortgage product using Broker Conveyancing.
It comes after HM Land Registry announced it would increase the cost of information services by £4. The change means the fee for an inspection or official copy of an individual register or plan by electronic means will rise from £3 to £7. Additionally, registration, cancellation or rectification of an entry, per name, will go up from £1 to £5.
Land Charges applications submitted on paper will see a bigger rise in fees, increasing by £6 for searches and £5 for official copies and inspections.
Broker Conveyancing said, on average, the HM Land Registry fee increases would add more than £15 of extra costs to each individual remortgage case.
The firm said this would protect clients from rising costs while continuing to give them access to quality services from market specialists. It will also shield individual conveyancing firms who are providing these services.
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Broker Conveyancing said this decision would allow brokers to offer competitive products without compromising on referral fees or transferring costs to clients.
Mark Tosetti, chief executive of Broker Conveyancing, said: “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. While HM Land Registry state this is due to rising running costs, they must be paid by someone.
“At Broker Conveyancing, we’ve decided to absorb these increases for our most popular remortgage products, including cashback and fixed-price options. We believe neither brokers nor their clients should face reduced referral fees or added costs.
“This commitment ensures clients retain access to top-tier conveyancing services, while brokers maintain business continuity and protect their income streams, without compromising the remortgage experience.”
