Homebuyers feel 'blindsided' by transaction costs

Ian Highton, partner at Leicester-based Essential Financial Advisers, was surprised by the study’s findings.

He said: "Generally, I’ve found [legal and conveyance fees] to be clear and upfront. There may be the odd firm who will charge additional fees, but most established firms will give a breakdown of costs and how they compare to their local peers."

But he added in his experience, first-time buyers were more likely to be persuaded by estate agent recommendations.

He said: "People that have gone through the conveyancing process before are more likely to learn it’s best to do some research and shop around."

Dippy Singh is a freelance reporter for FTAdviser