Mortgage News
Land Registry slashes fees by 10%
The Land Registry has slashed its fees by an average of 10% after a major restructuring programme.
The department, responsible for registering land in England and Wales, said that increased efficiency savings would result in reduced fees of around 10%.
In total, the Land Registry says it will make savings of around £33m each year, which it will pass onto customers in the form of lower fees.
Information service fees will be reduced by £1, scale fees will be cut by £10 and a register alteration will now be a fixed fee of £40.
It says the information and registration fees for purchasing a property costing £161,777 (the average property price in the UK) will fall from £218 to £204.
The new fee system will come into force on Monday 22nd October 2012.
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