Thanks to efficiency savings made in the last year by Land Registry customers will soon benefit from lower fees.
A new Land Registration Fee Order was put to Parliament yesterday, Monday 16 December 2013 and is due to come into force on Monday 17 March 2014.
As part of the governments “Digital by Default” strategy the new fee order will also give significant financial incentives to customers to submit their applications electronically.
The main changes include;
– Combining the two lowest Scale 1 fee bands making the Land Registry fee for registering properties worth up to £80,000 just £40.
– Scale 1 fee reduced from £120 to £80 for properties valued between £80,001 and £100,000.
– A 50 per cent reduction for many Scale 1 and Scale 2 applications when lodged electronically. For example, the fee for an average-priced property in England and Wales (£165,515 in October 2013*) falls from £190 to £95, and from £910 to £455 for properties valued over £1m.
– Introducing a flat fee per document (£3 electronically/£7 paper application) for inspection and official copies of documents.
Ed Lester, Land Registry’s Chief Executive said: “Last year, our efficiency savings allowed us to reduce fees and in 2013 we reduced our operating costs by a further four per cent. I am delighted today, to announce that we are in the fortunate position of being able to share the benefits of this reduction by again lowering our fees.
“Our research shows that many first time buyers purchasing properties in the £50 to £100,000 range, which includes a significant proportion of shared ownership or Right to Buy sales in London and the South East, will benefit from the lower fees.
“This is a great example of the benefits of delivering public services digitally to our professional customers. By incentivising e-lodgement, we want to encourage them to get on board and reap the full range of benefits of lodging by electronic means — lower costs, speed and convenience.”
