Taken from our interview in an article in Wales Homes on Saturday 4th August 2011...
An announcement made this week will be music to the ears of prospective homebuyers, who stand to make an average saving of 10% as result of a reduction in Land Registry fees.
The cut in the cost of fees, which will take effect from October 22, means Land Registry fees when purchasing an averaged priced property costing £161,777, will fall from £218 to £204.
A Land Registry spokesman has announced that a reduction in the fees they are required to pay has allowed them to pass on savings to homebuyers.
He said: “We are lowering scale and fixed fees for applications relating to every statutory service. The alteration aims to ensure the Land Registry becomes a smaller, leaner, flexible, customer focused and sustainable organisation that is needed to deliver our objectives in a changing market.”
Mark Hobbs, managing partner and conveyancing solicitor at Cardiff-based Howells Solicitors, has responded enthusiastically to the news: “This is positive news for house purchasers. While the average saving may not be large, anything that reduces the cost involved of purchasing a property is helpful in the current climate. It would be great news if the Government considered reintroducing a period of stamp duty suspension for first-time buyers as well.”
A fee currently has to be paid on the purchase of any property in the UK, as the property transaction has to be registered at HM Land Registry. The fee charged for this service is determined on a sliding scale based upon the property’s value. Once the purchase has been registered you can then expect to receive a copy of the register from your solicitor or conveyancer as evidence that the transaction has been properly registered.
For further information on this or any other matter relating to the purchase of a property, please do not hesitate to contact our expert legal team. For expert conveyancing, South Wales based Howells Solicitors are on hand. Call 0808 178 2773 today.
