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Land Registry Reduce Fees
Did you know that from the 22nd October the Land Registry have reduced their fees by £10? This reduction will apply for all purchases registered with the Land Registry after this date. As this happens after completion you may find the new fees apply to you, even if your conveyancing is well under way.
What is the Land Registry?
Since 1990 is has been compulsory for all property changing hands to be registered with the Land Registry. The Land Registry will keep a record of the property’s title plan, details of the lease, details of the owners and a charges register (information about mortgages etc.) The Land Registry will charge you a one off payment for this service.
The fee they charge will be listed on your conveyancing quote as a disbursement (third party cost) because your conveyancing solicitor will need to pay it on your behalf. You will be able to see the fee listed as the “Land Registry Fee or Charge” on your original conveyancing quote and on your completion statement. You will need to transfer the full amount to your conveyancing lawyer’s client account between exchange of contracts and completion in order to complete on your purchase.
How much will the Land Registry fee be?
The amount the Land Registry charges is based on the purchase value. Please see the table below to find out how much you will be charged.
|Value or amount (£)||Old Fee (£)||Fee from 22nd October 2012 (£)|
|£0 - £50,000||£50||£40|
|£50,001 - £80,000||£80||£70|
|£80,001 - £100,000||£130||£120|
|£100,001 - £200,000||£200||£190|
|£200,001 - £500,000||£280||£270|
|£500,001 - £1,000,000||£550||£540|
|£1,000,001 and over||£920||£910|
With In-Deed, if you instructed us before the 22nd October you will have been quoted the old Land Registry fee. However, if you complete after the 22nd October you will be charged the new Land Registry fee saving you £10. The updated Land Registry fee will be listed on your completion statement, which is provided between exchange of contracts and completion. If you have any problems or questions please do not hesitate to ask your conveyancing lawyer or contact us.