A tiny dark cloud on the property market horizon today as the Land Registry is putting up some of its fees for the first time since 1993. The Registry, which covers England and Wales, is the government body that records and guarantees the ownership of domestic and commercial property. The fees for registering the sale of a building will go up by as much as £220 for the most expensive homes.
The Registry says it has to bring in more money because the recession and slump in the UK property market have reduced its income. The register enables anyone to find out who owns land, whether there is a mortgage or legal restriction on it, and how much was paid when it was last sold. The higher fees will make the sale and purchase of a property - the conveyancing process - slightly more expensive. However the Land Registry said that without the extra income it would no longer be able to cover its operational costs.
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