Temporary reduction of Land Registry transfer fee now implemented
On 3rd April 2014, the Government's proposals to reduce the Land Registry transfer fees (usually payable by purchasers) from 3% to 1% in respect of a purchaser’s first transfer of title were implemented with immediate effect for a limited time until the end of August 2014. The Land Registry have informed us that the temporary reduction applies only to properties (and not vacant land) and that where properties are not registered on the title deed, the reduction can still be applied provided a copy of the building permission and/or final approval document can be produced to prove that a building actually exists on the land.
We will be attempting to contact all clients who are in a position to take title to inform them of the change and to make the arrangements for the transfer of title.
We would also request that anyone who has received their permission to purchase and whose vendor is ready to complete the transfer of title and who would like to now take title but who has not yet been contacted by our office to make contact with us.
Please note that we are currently experiencing a high volume of enquiries and have a number of files at the transfer stage so our response times may be slower than usual and we would ask you to bear with during this exceptionally busy time. Thank you for your patience and understanding.
We are aware that there are a number of purchasers who have recently taken title paid the Land Registry transfer fees at the higher rate of 3%. However, we understand from the Land Registry that the reductions are only applicable to future transfers and there are currently no plans to refund the additional money paid by those purchasers.
With regards to the Government’s proposals to allow non-citizens to purchase up to 3 properties, at this time, we are still waiting for the Government to announce further details as to when these proposals will be applied. We will update this section of our website once we have any further information.