New Land Registry Fees – can I save money?
On 17 March, we introduced a number of changes to our fees. For our professional customers, the benefits have been easy to identify. However, what do they mean for members of the public buying properties? Here we explain the main changes and how they could save money for prospective homeowners.
There’s now a 50 per cent reduction for some of our applications lodged electronically
Over the last few years, we have introduced a number of electronic platforms. These enable our professional customers to submit applications online on behalf of their clients. There are now 2,200 solicitors and conveyancers in England and Wales using our portal service to submit their applications. Whilst our fee is only a small portion of the overall cost of purchasing a property, they could now be saving you money when they submit certain applications on your behalf.
What does this mean, where it matters – your pocket?
Take an average priced property (£170,000 in February 2014 according to our House Price Index):
- the cost register the sale of the property if submitted by post: £190
- the cost if submitted electronically: £95
Although not all of our applications are eligible for this reduction, the vast majority of property transactions are carried out this way. See a full list of application types eligible for the 50 per cent reduction.
We have also introduced fee reductions and merged fee bands for the lowest priced properties
If you’re thinking of taking your first steps onto the property ladder, we have introduced some changes which may be of interest to you. We have reduced the fees for registering the sale of a property priced between £50,001 and £100,000. Also if your property is priced under £80,000, you can pay our lowest fee to register the sale.
What does that mean to you?
If your property is priced under £80,000 our fee is now £40 and if your property is priced under £100,000, the fee is now £80. Of course, the fee for most of these applications will benefit from the 50 per cent fee reduction if submitted electronically by your solicitor or conveyancer.
Find out more
Our fee structure and all the related fee changes can look daunting if you’re looking through them for the first time. To help you, we have a wealth of supporting guidance on our fees pages, including our fees calculator which guides you through the process of calculating the correct fee for your application.