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More Information On Your Home Movers Mortgage

Planning on moving house? You may require a home mover mortgage. Moving house is a great opportunity to reconsider your current mortgage and look for a better deal. However, your mortgage options will vary depending on the value of your new property.

Read up on your options or book a friendly call with one of our mortgage advisors to find out which option is right for you.

Posted On: August 19, 2021

What Are Land Registry Fees?

Before moving into a new home, there are plenty of hoops to jump through and what can seem like a large stream of bills. From taxes to legal fees, the Land Registry Fee is yet another essential cost of moving house.

This is a fee charged by the Land Registry to transfer their register entry into your name. This means you will be legally recognised as the landowner of the property you’re buying.

What is the Land Registry?

Going back to basics, the Land Registry is a Government department in England & Wales which is responsible for recording the land ownership. This by default includes recording changes in ownership when property is bought, sold or gifted.

The Land Registry Fees can be considered an admin fee for changing the details on their register.

Applications to register changes of ownership or mortgages are charged on a sliding scale, which increases with the value of the property.

Do you have to pay the Land Registry Fee?

The Land Registry fee is typically dependent on the value of your property. However, no matter what the value, you will have to pay a fee.

How much do I have to pay?

Charges can start at £20 but go up to £910, depending on the price of the property.

When it comes to transferring ownership, there are two separate pay scales.

Scale 1 is the most common and is used for first registrations and changes of ownership for monetary value. Scale 2 includes the transfer of ownership for no monetary value.

Fees can be lower if you’re transferring or surrendering a registered title through a digital portal or Business Gateway rather than by post, but only if it affects the whole title.

If a conveyancer is taking care of this, you can always ask for a breakdown of their costs, so you can see exactly how much you’re being charged for the Land Registry Fee.

Other changes on the Land Registry, such as applications to upgrade the class of a title usually attract a fixed fee.

Final thoughts

Land Registry Fees are an expense that you need to factor into your overall house moving budget and is payable after completion. However, it’s usually one of the cheaper costs associated with moving house, so you shouldn’t need to worry about it too much.

Agentis have helped many home seekers realise their dream of owning property. Speak to one of our trusted mortgage advisors today to arrange your free initial consultation.