As from 17 March 2104, the Land Registration Fee Order 2013 comes into effect.
This is welcome news for home buyers who will, from today, benefit from a reduction of 50% in Land Registry Fees.
The new fees will apply to anyone buying a house in England and Wales where the property is registered on or after 17 March 2014.
Is there a catch?
The cost of moving rarely reduces, so one can certainly be forgiven for thinking there might be a catch. In this case however, there isn't. The Land Registry have implemented the changes as part of an efficiency drive to encourage conveyancing solicitors to use the new electronic filing and registration system - thus cutting administrative costs.
Make sure your solicitor registers your new home electronically
If your solicitor chooses to use the old paper method of registration, you will find yourself paying twice as much as necessary, i.e. at the old rate. This can be a meaningful amount of money as the following table demonstrates:
|Amount or value||Previous fee||New fee (new title and transfers and surrenders of whole not submitted electronically||New fee (transfers and surrenders of whole dealings of whole submitted electronically)|
|£0 - £50, 000||£40||£40||£20|
|£50, 001 - £80, 000||£70||£40||£20|
|£80, 001 - £100, 000||£120||£80||£40|
|£100, 001 - £200, 000||£190||£190||£95|
|£200, 001 - £500, 000||£270||£270||£135|
|£500, 001 - £1 million||£540||£540||£270|
|£1, 000, 001 and over||£910||£910||£455|
Fridaysmove's solicitors are all using the new electronic registration process. Clients buying through Fridaysmove will therefore enjoy the new reduction in fees.