In an effort to reduce an operating loss brought about by the huge reduction in the number of house transactions, the Land Registry is proposing to increase its fees from 6th July.
The registry is dependent on fee income to cover it’s costs, but the latest projections show a reduced figure of £299.2 million for 2008/9, compared with £482.9million for 2007/8. The proposals mean registering a property worth £200,000 will cost £200 from July, an increase of £50. The fee for a property worth £500,000 will increase by £60 to £280, with the fees charged for providing information such as official searches and copies also increasing. Finance Director Heather Foster said: "A range of measures has already been taken to cut costs including a voluntary redundancy scheme. Whilst these measures have helped to keep increases as small as possible, an increase is unavoidable, but we do not believe this will be a deterrent to market recovery." The government department established in 1862 holds details on over 22 million titles, around two thirds of land in England and Wales. For a full schedule of the fee increases visit http://www1.landregistry.gov.uk/fees/newfeeorder/