From 31 January 2022, some of HM Land Registry’s land registration fees will increase. The increase in charges for applications for first registration and for the registration of transfers, leases and mortgages is the first since 2009, HMLR said;
‘It will allow the agency, which is funded by user charges via the Treasury, ‘to move forward with plans to deliver what customers need’, a statement this morning said. This includes ‘more consistency and speed in service delivery by investing in both operational capacity and accelerating the digitalisation and automation of services’.
Whilst the Land Registry have tried to justify the increased costs, this fee is always paid by the purchaser of a property and so ultimately means more cost to the consumer. With already increased cost of living since the pandemic, this will mostly impact first time buyers who are likely going to have to save a little bit longer.
As always there is a push for electronic applications over postal applications, with the increase to electronic being around 11% and postal 21%. Here at Frodshams we submit all applications electronically, unless we are prevented by the Land Registry from doing so, to ensure all disbursements are kept as low as possible for our clients.
The full list of the increased fees can be found here. If you are planning to purchase a property we will be happy to provide a full quote incorporating this fee. Please call us on 01744 626 600 or email info@frodshams.co.uk