New Land Registry Fees
When you buy a property your conveyancing solicitor has to register you as the owner with the Land Registry. The Land Registry charges a fee for doing this and your conveyancing solicitor will charge you the fee as a disbursement. A disbursement is defined as a third party payment which your lawyer pays on your behalf.
The Land Registry was created under the Land Registration Act in 1862 and since 1990 it has been compulsory for all property changing hands to be registered with them.
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. – please note this does not give figures).
The Land Registry cite that the main advantage of doing this is because “it is a safe and straightforward way of transferring land between parties that cuts the cost of conveyancing and helps to prevent fraud”.
Click here to visit the Land Registry’s website.
Recently, the Land Registry made a number of changes to their structure in order to reduce costs across the organisation. The savings they have made are then being passed onto their customers. These changes will come into effect on 22nd October 2012 and will be applicable for anybody registering their property after this date.
|Value or amount (£)||Current Fee (£)||Reduced fee from 22nd Oct 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|
Up until the 22nd October our conveyancing quotes will show the current land registry fees, as it is impossible for us to tell whether clients will complete before or after the 22nd October. But you can rest assured that if you instruct us before the 22nd October, but complete after the 22nd October we will still pass the savings onto you. Your conveyancing lawyer will simply amend your quote.
From 22nd October our quotes will show the new Land Registry fees.