What is a charge on a property Land Registry?
The Charges Register: This contains details of any burdens affecting the property, such as restrictive covenants (e.g., restrictions on the use of the property), positive covenants (e.g., obligations to maintain a fence or driveway), easements and mortgages.
How much is an OS1 search fee?
Official searches fees
|Form||Type of application||Apply in person|
|OS1||Official search of whole with priority against a registered title or a pending application for first registration||£7 per search|
|OS2||Official search of part with priority against a registered title||Not available|
Do land registry search fees include VAT?
Land Registry official copy documents: The Land Registry does not charge VAT on its fees for providing copy title documentation.
How long is an OS1 valid for?
The OS1 priority search also ensures that, at the point of completion, the current owner has the right to sell the property. The priority search’s exclusivity period, when no other party can make any changes to the title deeds, lasts for 30 days from the date of the search.
What is the benefit of a priority period?
During the priority period, the buyer’s query takes priority over an entry made in the Registry. Such a priority can be taken advantage if the search is conducted by the lender.
Can solicitors charge VAT on Land Registry fees?
The Land Registry does not charge VAT on its fees. It is the Law Society view that it should ordinarily be possible for registration fees to be treated as a disbursement.
What is the scale 1 fee for a voluntary first registration?
As it is a voluntary first registration she pays the Scale 1 fee reduced by 25%. Belvedere LLP buys 2 properties, part of 1 title for £30,000 and the whole of another for £300,000. One Scale 1 fee is payable based on the total consideration of £330,000 if a single transfer is used because the transfer affects part of a registered title.
Are HM Land Registry statutory fees subject to VAT?
HM Land Registry statutory fees are not subject to Value Added Tax (VAT). This guide is based on the statutory provision of the Land Registration Fee Order 2013, which came into effect on 17 March 2014 and still applies. If you are still unsure of the fee, please use our online form to contact us.
What is a scale 2 fee for transferring property?
For this type of transaction, use Scale 2 fees. John Smith transfers a property by gift to Sharon Jones, it is worth £200,000. The fee is assessed on the full £200,000 value and payable under Scale 2.
How are fees assessed when applying for scale 1?
When assessing fees under Scale 1, fees must be paid on the VAT-inclusive consideration or rent. If the application is made within one year of an open market sale, base the fee on the consideration (including the amount outstanding under any continuing charge).