The Land Registry say its customers will soon see lower fees.
Fees will be reduced by an average of 10%. The new Land Registration Fee Order was laid on Friday 27 July and is due to come into force on Monday 22 October 2012.
New fees from 22 October 2012
Scale fees – reduced by £10
|Amount or Value||Scale 1 Fee to register (£)||Reduced Fee to register (£)||Scale 2 Fee to register (£)|
|Up to £50,000
£50,001 to £80,000
£80,001 to £100,000
£100,001 to £200,000
£200,001 to £500,000
£500,001 to £1,000,000
Most fixed fees for registration – reduced by £10
|Fixed Fee||Fee (£)|
Fees for Information services – reduced by £1
|Official copies of register/plan and searches (paper)
Official copies of register/plan and searches (electronic)
Other changes include:
- the fee for applications to alter the register will be a fixed fee (£40) rather than a scale fee
- the fee exemption for applications to make an entry relating to church chancel repair rights will end on 13 October 2013
- the discounted fee will no longer apply on the voluntary first registration of mines and minerals and the first registration fee will apply
- a new fee for online applications for historical copies of register entries will be introduced in the near future.
“In lowering our fees, we are reducing property market transaction costs and so assisting with economic growth,” said Heather Foster, Land Registry’s finance director.
“The efficiency savings we have made as a result of a major restructuring programme mean property search and registration costs will be cut for our customers.
“The new Fee Order allows us to pass on savings in a full year of £33 million in the form of lower fees – for example, the fee for registration of an average-priced property will fall from £200 to £190, an online copy of a register will be £3 instead of £4 and the fee for registering a £50,001 to £80,000 property will drop by 12.5%.”
As a government agency with trading fund status, Land Registry is obliged to cover its operating costs from fee income. Land Registry fees are based on the volume of applications received, the value of property and internal overheads. Although fees have been reduced, the current volume of applications is still well below the level of the years preceding the property market crash.