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Release date: October 2009
In some ways, there has never been a better time to buy a commercial or residential property. Prices remain down on previous highs and, for the time being, interest rates remain low. Of course, independent advice should always be taken about mortgages and first time buyers still need to find a deposit of 25%.
However, the costs associated with property purchase are increasing. Interest rates are widely predicted to rise at some point and VAT is due to return to its previous level of 17.5% at the end of the year. As of 6th July 2009, HM Land Registry has increased its fees. These fees are listed in the table below. Fees for fixed fee applications, such as registering a caution, have also increased across the board. Further information can be found at http://www.landregistry.gov.uk
SCALE 1 LAND REGISTRY FEES
- the first registration of a freehold or leasehold estate, franchise or profit
- the registration of the grant of a lease
- the registration of a transfer of a registered estate for monetary consideration
- the registration of a surrender of a leasehold estate for monetary
consideration.
| Amount or value £ |
New fee £ |
Previous fee £ |
Reduced fee for voluntary registration
New fee £ |
Reduced fee for voluntary registration
Previous fee £ |
| 0-50,000 |
50 |
40 |
40 |
30 |
| 50,001-80,000 |
80 |
60 |
60 |
45 |
| 80,001-100,000 |
130 |
100 |
100 |
75 |
| 100,001-200,000 |
200 |
150 |
150 |
110 |
| 200,001-500,000 |
280 |
220 |
210 |
165 |
| 500,001-1,000,000 |
550 |
420 |
410 |
315 |
| 1,000,001 and over |
920 |
700 |
690 |
525 |
For legal matters relating to property, please contact Malcolm Woolfe Malcolm Woolfe or David Hogg David Hogg or call 01325 466461
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