A new Land Registration Fee Order comes into force on Monday 6 July 2009.
The new Order increases all Land Registry fees. The Land Registry's website states that this is the first time that there have been increases in Land Registry's fees for substantive applications since 1993. Due to the downturn in the property market its workload fell heavily in 2008 and 2009, which has led to what it describes as an unsustainable reduction in fee income.
- The fee for the registration of a transfer of land worth more than £1,000,000 will increase from £700 to £920
- A discount for voluntary first registration will still apply
- The fee for the registration of a charge with a value of more than £1,000,000 will go up to £260 (from £200) – as at present however there will be no separate fee for registration of a charge where this accompanies an application for the registration of a transfer
- The cost of standard form restrictions will increase by £10 to £50 per title and non-standard restrictions will go up to £100 per title (from £80 at present)
- Large scale applications: level of fees to increase and fees will no longer be capped (save in respect of applications for voluntary first registration)
- Fees for information services will also increase:
- Official copies will go up to £8 for each of the register of title and the plan – this is reduced to £4 each if ordered from a remote terminal (e.g. through Land Registry Direct)
- The cost of an official search with priority will also rise: similarly to £8 or £4 if ordered via a remote terminal
- Currently an Index Map search (SIM) is free provided no more than 10 titles are revealed. However, if more than 10 titles are disclosed, then the fee is £4 per title in excess of 10. Under the new pricing regime, a SIM will cost a minimum of £5 for up to 5 titles. However, the cost then drops to £3 for every 10 titles after that.
Organisations considering embarking on the voluntary first registration of their properties should consider instructing solicitors now to complete the process prior to 6 July, to take advantage of the current fees.