As of December 2024, the Land Registry fees payable are set to be increased, marking one of the most significant increases to Land Registry fees in recent years. This charge will impact anyone using the Land Registry services to obtain documents, including property buyers, property sellers, developers, legal professionals, and individuals. With increased administration costs, the Land Registry has stated that the fees will go towards: increased costs of running and improving HM Land Registry's services, as well as plans to increase digitalisation and transformation of data.
In this blog, our Conveyancing Solicitors in Preston will break down the key aspects of the new Land Registry charges, their potential impact, and what property owners and prospective buyers should be aware of as these charges take effect.
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What Are the New Land Registry Charges?
The Land Registry in the UK is the organisation responsible for maintaining the register of land and property ownership, ensuring legal rights and interests in land are accurately documented, and ownership of the properties is recorded in one, publicly available, online register. It is not unusual for the Land Registry to review and revise their fees, with the most recent changes being introduced to the Land Registration fee payable when an application is made to amend the Title Register. These increases were introduced in January 2022, seeing the fees increase by between 11% and 21%, depending on the application type.
The changes being introduced in December 2024 include:
An increase to £7 to obtain a copy of the title register or plan, from £3. This represents an increase of 133%.
An increase to £5 to register, cancel or rectify an entry, per name, from £1. This represents an increase of 400%.
Now, these increases may seem minor when you consider the relatively small cost of the documents in the first place, however, the percentage increase is huge, especially when the documents being provided are not changing themselves.
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Why Are These Changes Being Introduced?
There are several reasons behind the new charges:
Increased Costs:
Like many Government organisations, the Land Registry faces rising operational costs due to inflation. The updated fees are designed to ensure the Land Registry can cover the increased costs of running and improving their services.
Digitalisation:
As intended with the nationwide introduction of compulsory registration in 2002, the Land Registry will continue to build their digital records of all land ownership in England and Wales. They state that the increases in these fees will help to fund plans to increase “digitalisation and transformation of data”. In theory, this should make land transactions easier, and should help to ensure that land ownership is clear.
How Will the New Charges Impact You?
For most property buyers and sellers, our Conveyancing Solicitors in Preston believe the changes will be noticeable, especially for seasoned buyers and sellers used to the current charges, although they should not, in most cases, prevent any prospective seller or buyer from proceeding with their transaction.
While the increased Land Registry fees might initially seem like an additional cost burden, the anticipated improvements in service and efficiency at the Land Registry will hopefully make property transactions smoother and more efficient in the future.
If you are selling or buying property, or you are looking to transfer property you currently own, contact our Conveyancing Solicitors in Lancaster who can assist. We offer excellent fixed fees, which you can find, here, and our expert Solicitors have a breadth of knowledge to ensure your Conveyancing matter runs smoothly. Our Conveyancing Solicitors are here to help, and can discuss any expected Land Registry fees payable, and how these may impact your property matter, from the start.
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