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Buyers & Borrowers Benefit From Reduced Land Registry Fees

March 23, 2016

The Land Registration Fee Order 2014 (“the Order”) came into force on 17th March 2014. The Land Registry (the government department responsible for registering land in England and Wales) introduced the Order following the introduction of efficiency measures it made the previous year.

The Order is good news for property buyers and mortgage borrowers. The Order has in many cases reduced the Land Registry fee payable on the registration of a purchase or a mortgage.

Whenever a property is purchased, the transaction needs to be registered at the Land Registry. The Land Registry checks the application and ensures that the change of legal ownership is correctly recorded. The Land Registry charge a fee for this service and the fee is dependent on the value of the transaction notified, which is usually the purchase price of the property.

As part of the Order, the Land Registry has introduced a 50% reduction in fees for certain applications relating to a whole property which are submitted electronically to the Registry. The majority of transactions, for example a straight forward house purchase, only involve one title number and so most buyers will benefit from the reduction, provided that the buyer’s solicitor has access to the Land Registry’s Electronic Document Registration Service.

The 50% online reduction applies to:

  • transfers of whole i.e. property purchases;
  • charges of whole i.e. mortgages;
  • transfer of charges; and
  • certain other fixed fee applications.

The reduction of fees for applications made using the electronic service is presumably the government’s attempt to cut down on paper applications, with a view to the Registry eventually becoming a completely paperless and electronic service.

The fees set down by the Order are as follows: -

Value or amount of property

 

£0 – £80,000

£20.00

£80,001 – £200,000

£40.00

£200,001 – £500,000

£95.00

£500,001 – £1,000,000

£270.00

£1,000,001 and over

£455.55

The fees above are only for transfers of whole title numbers (for value) delivered by electronic means. They do not apply to leases, transfer of parts etc or applications made in the post. BHW use the Land Registry Electronic Document Registration Service and are making conscious efforts to make its conveyancing services paperless and electronic.

For more information on our conveyancing services, please call us on 0800 533 5114.

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