Efficiency savings made in the last year by Land Registry, the government department responsible for registering land in England and Wales, mean that from next Monday, 17 March 2014, it is reducing some of its fees, including reductions in fees for many applications lodged electronically.
The main changes are:
Combining the two lowest Scale 1 fee bands making the fee for registering properties worth up to £80,000 just £40
Scale 1 fee is reduced from £120 to £80 for properties valued between £80,001 and £100,000
A 50 per cent reduction in fee for many Scale 1 and Scale 2 applications and some fixed fee applications when lodged electronically. For example, the fee for an average-priced property in England and Wales (£168,356 in Land Registry’s January 2014 House Price Index) falls from £190 to £95, and from £910 to £455 for properties valued over £1m
Introduction of a flat fee per document for inspection and official copies of documents (£3 electronically and £7 for a paper application).
With the largest transactional database of its kind holding almost 24 million titles, Land Registry underpins the economy by safeguarding ownership of many billions of pounds worth of property.
As a government department established in 1862, executive agency and trading fund responsible to the Secretary of State for Business, Innovation and Skills, Land Registry keeps and maintains the Land Register for England and Wales. The Land Register has been an open document since 1990.