Mon, 06 Jul 09
The cost of conveyancing for home buyers and sellers is set to increase after the Land Registry announced a hike in its fees.
The Land Registry, which records and guarantees property ownership, is putting up its fees for the first time in 16 years in response to a drop in its revenue caused by the property slump.
All 90 fees charged by the Land Registry, including recording the sale of a property and supplying copies of an entry, will increase, making the cost of conveyancing more expensive.
This will mean that the fee for registering the sale of a home costing the current average of around £153,000 will increase by £50 to £200.
Registering the sale of a property that costs more than £1m will increase from £700 to £920, and registering the sale of the cheapest homes in the UK, which cost below £50,000, will rise from £40 to £50.
A statement from the Land Registry said: “Due to the downturn in the property market and the deterioration in the economy generally, our intakes of work fell heavily in 2008 and 2009 leading to an unsustainable reduction in our fee income.
"A range of measures has already been taken to cut costs including a voluntary redundancy scheme and an accelerated plan to merge offices. Despite this the increases are, regrettably, unavoidable."
By Joe Lepper
See Also – Home Selling Guide , Home Buying Guide
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