Friday, 28 February 2014

Average Conveyancing Fees to Reduce as Land Registry Fees Fall

Law firms need to start changing their conveyancing quotes and carefully consider completion statements as the new Land Registry Fee Order will come into force in two weeks time. A quick review of a number of conveyancing websites reveals that the new charges are not yet reflected.

As of the 17th March the Land Registry will be introducing:

  • flat fees for all ‘inspection of documents’ and ‘official copy of document’ (OC2) applications 
  • a reduction in the number of fee bands for scale 1 registrations
  • a reduction in the fee for scale 1 registrations of properties priced between £80,001 and £100,000
  • 50 per cent reduction in fees for the registration of transfers of the whole of a registered title, charges of the whole of a registered title and transfers of charges and some fixed fee applications if made electronically

Conveyancing lawyers who submit applications by post should note any postal applications submitted on or after Friday 14 March should include the new fee as these will arrive at the Land Registry on or after the new rate is introduced.

Information about the new fees can be found on the Land Registry website. 

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