Conveyancing Lower Fees News

Land Registry

On the 17th March 2014 lower Land Registry fees came into force.

Land registry has made significant process changes to how applications can be submitted. The government department has promoted the use of electronically lodged applications. Savings are significant with the fees being reduced by up to 50%.

To take advantage of this your chosen Conveyancer must submit applications online and as such you will benefit as these savings are passed on.

Our conveyancing quotes use the new fee structure.

Stamp Duty

From midnight on 3rd December 2014 new Stamp Duty rates came into force. The new Stamp Duty rates apply to the amount that falls within a duty band.

The new rates are:

  • Up to £125,000 : 0%
  • £125,001 to £250,000 : 2%
  • £250,001 to £925,000 : 5%
  • £925,001 to £1.5m : 10%
  • Above £1.5m : 12%

This new system removes the impact of sudden jumps that existed in the old system.

The National Association of estate agents announced that these changes impacted positively as homebuyers visited estate agents. Levels reported were similar to those in 2004.

These simple changes have made the moving process more affordable to home buyers.

 

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