From 31 January 2022, HM Land Registry will be increasing some of its land registration fees, for the first time since 2009.
Conveyancing Manager, Julia Khan, talks through the changes and what they mean for you if you’re looking to register a property.
What are the Changes?
All purchases, transfers, leases and other applications for registration submitted after 31 January 2022 will be subject to the new fees.
For electronic submissions, the fee will be increasing by 11%, and for applications submitted by post, it will be increasing by 21%.
You can see an exact breakdown of the updated fees on gov.uk.
Why Register a Property?
It has been compulsory for all properties and land to be registered with the Land Registry since 1990 and in some areas this date was earlier. This applies whether the property has been inherited, bought or mortgaged.
Registering your land or property has lots of advantages, as it gives you an official record of ownership and protects you from fraud. This is because the details of registered properties are published online, so you can find out:
- The name of the owner of the property
- How much the property was purchased for
- Details of land boundaries and title plans
This can help prevent criminals from attempting to sell or mortgage your property illegally and squatters getting rights over your land or property.
What the Changes Mean for You
If you’re set to complete after 21st December 2021, then the Land Registry registration fee that you were originally quoted may no longer apply and you may be asked to pay the remaining fee. If you’re buying a property, the land registration fee is usually based on the value of the property.
For example, if you’re buying a property for £250,000, and you submitted your land registry application in December, then the Land Registry portal fee would have been £135 and this is what would be in your original quote.
But if your completion takes place after 21st December 2021, then the Land Registration Fee we collect will be £150 instead of £135 as it may not be possible to submit your application at the land registry before 31/01/2022 due to various reasons.
Help with Registering Your Property
Our specialist Conveyancing Solicitors can help you register your property with the Land Registry and give you with further advice and information. We’ll make sure that all the necessary paperwork is completely accurately and as quickly as possible, so you don’t miss any important deadlines for exchange and completion.
We offer a range of Conveyancing services and expert legal advice tailored to your needs. Get in touch to see how we can help you.
Simpson Millar Solicitors are a national law firm with over 500 staff and offices in Billingham, Bristol, Cardiff, Catterick, Lancaster, Leeds, Liverpool, London and Manchester.