Vol. 516 No. 6
347 Mr. Kirk asked the Minister for Justice, Equality and Law Reform if he will have an examination carried out of land registry costs associated with organising mortgage change cover for the same property; and if he will explore the possibility of cost reduction in this area. [8881/00]
Where a customer is transferring his mortgage to a new financial institution, the current Land Registry charges for the registration of a change of mortgage range from £98 to a maximum of £283 depending on the mortgage amount involved. The new Land Registry fees order which takes effect from 1 May 2000 will introduce a maximum charge of £165 for the service. There will consequently be a reduction in costs in cases where the new mortgage exceeds £15,000.
Where the customer is simply increasing the amount of the mortgage with the same financial institution, then the Land Registry charges range from £65 to £250, depending on the value of the mortgage. The new Land Registry fees order will introduce a flat fee of £100 for the service. There will consequently be a reduction in costs in cases where the new mortgage exceeds £10,000.
