In the current economic climate, it may be of interest to purchasers that the Land Registry are reducing their fees for registration of properties by an average of 10% from 22 October 2012. This will mean a significant saving to our clients.
The changes are a result of efficiency savings made over the last five years by the Land Registry as a result of a major restructuring programme. The new Land Registration Fee Order was laid on Friday 27 July. The Land Registry is passing 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 in the range of £100,001 – £200,000 will fall from £200 to £190. The fees in all of the other bands will be reduced by £10 respectively, the resulting percentage savings being most in the lower price brackets.
In addition, an online copy of a register will be £3 instead of £4. This will be of benefit to our clients who are selling a property and for whom we need to obtain copies of all title documents from the Land Registry in compiling the sales package to be issued to the purchaser’s solicitors.
We at PLS Solicitors welcome these savings to our clients, which can only help the housing market and particularly those taking their first steps onto the housing ladder.
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