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11 Jun 2014

Residential Property

Land Registry changes Welsh Homes

From March 17th there will be a 50 percent reduction in some fees for home buyers when the Land Registry changes its payment structure.

The Land Registry, which is 152 years old this year, has recently defied its traditional roots by accepting applications electronically, as well as by post.

Apart from this change making the buying process quicker and easier for purchasers, it will also have financial benefits with significant cuts 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.

The enhancement of the service will also allow electronic submission to register the sale or mortgage of any registered property or to register and extend leases on any registered property.

There will also be a flat fee for all ‘inspection of documents’ and ‘official copy of document’ (OC2) applications, a reduction in the number of fee bands for scale 1 registrations and a reduction in the fee for scale 1 registrations of properties priced between £80,001 and £100,000.

Wyn Williams, partner at law firm HardingEvans said: “When it comes to registering properties, the processes have been the same for many years but this is a welcome change.

“The average value of a property on a transaction would be between £100,000 and £200,000 and as an example the land registry fee has been reduced from £190 to £95; significant saving for all our clients.”

Whilst the majority of properties are registered there is still the odd occasion where the property will be unregistered and unfortunately the existing registration fee will be applicable as registration would have to be carried out by post.

 For further information please contact Wyn Williams : ww@hevans.com

 

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