It should come as welcome news to anyone buying a home that one of the charges involved is actually being reduced. As from the 22nd October, the land registry has reduced the fees it charges for registering property transfers and other services.
While it is good to see fees going down rather than up, the difference the new fees make is hardly significant. Each of the fee bands has been lowered by £10, so a buyer will now pay a fee of £190 rather than £200 on an average-priced home (about £163, 000 on the latest land registry information). Full details are set out below.
The registry has also made cuts to other fees it charges, such as those for supplying copies of registered titles and pre-completion searches.
Commenting on the new fee scales, the land registry says –
“reducing our fees enables us to pass on savings we have made as a result of a major restructuring programme to reduce our costs – the Accelerated Transformation Programme.
This programme, adopted in the wake of the property market slump in 2008, aimed to ensure we became the smaller, leaner, flexible, more customer-focused and sustainable organisation we needed to be to deliver our objectives in a changing market. The resulting efficiency savings are being passed on in the form of lower fees. ”
Land registry fees for Transfers of registered land
|Property Value||New fee from 22/10/12||Old fee|
|50, 001–80, 000||70||80|
|80, 001–100, 000||120||130|
|100, 001–200, 000||190||200|
|200, 001–500, 000||270||280|
|500, 001–1, 000, 000||540||550|
|1, 000, 001 and over||910||920|