Registering another increase in the cost of buying a house.
As from 6th July this year the cost of registering your property at the Land Registry is increasing by as much as 300%. At the moment it costs just £50 to register a house costing £150,000 but from July it’ll be £200. How’s that for another blow against inflation!
Land Registry charges are paid whenever the freehold or leasehold of a property is registered.
There will also be increases in the fees for land searches and copies of documents. A postal official search fee is going up from £6 to £8. The official line is that these increases are required because of the decline in the number of properties changing hands as a result of the credit crunch.
What rubbish! The numbers of house sales are down 25 to 40% depending on the region and month you are talking about. How does that justify 300% increases in Land Registry fees?
A spokesperson from the Land registry is reported as saying,” We do not believe that this will deter a recovery in the property market, especially with interest rates at a historical low and lower house prices”.
These costs will hit all home buyers as all changes in the ownership of properties have to be registered. So you will not be able to escape these higher costs.
This is the second set of rising costs to hit home movers this month. Last week, those putting their house up for sale had to have a Home Improvement Pack available before the property went on sale. That’s a cost of about £300, plus or minus £100 depending on who supplies it.
