Land Registry Fees - Fee paid to register property ownership
Land registry fees are paid to the Land Registry to register change in ownership of a property, as a result of that property changing hands. The borrowers solicitor usually performs this function as part of their duties. This fee can be as a result of a change of ownership of property through a sale or just a change of mortgagee or re-mortgage.
The land registry is the place where there the record of property, ownership and mortgages are secured. This information is registered in a central register.
HM Land Registry.
Land Registry Fees Example - Legal Fees and Mortgages
Roughly the legal expenses involved when purchasing property could amount to as much as 3% or 4% of the purchase price. Potential additional legal expenses that the borrower with a home mortgage loan could be expected to be charged include:
- Solicitor or Conveyance
To handle the legal matters, correspondence and to make sure that the name on the property deeds are transferred. - Land Registry Fees
Changing the legal owner of the property. - Stamp Duty
So the buyers rights as the legal owner of the property are recognised. - Mortgage Indemnity Guarantee Premium
Payable if the mortgage is for more than 75% of the property's value. On UK mortgage loans over 95% of the properties value it can be substantial. - Property Valuation & Survey Fees
Must be carried out so the mortgage lender can ascertain the size of loan it is prepared to make for the property. - Home Buyers' Survey and Valuation Report
Survey on the property and surrounding area, fee varies according to the size and value of the property. - Building Report
A full structural survey and therefore the cost is likely to vary due to differing sizes of property.
Mortgage Information
When deciding to purchase a home remember this is probably the largest investment a person will make so take whatever advise is available and make sure of being certain before accepting and signing any paperwork. With mortgage repayments being connected to the base rate of interest, repayments can both go up as well as down, depending on the type of mortgage customers have taken out.