Land Registry - masking sold price

[ContractorBanking]

Parents are buying a small property, its a shell, essentially four walls and a roof.

They're paying full market value based on its condition but it will require another 50% on top to bring it in line with the rest of the area and make it a habitable home.

Under such circumstances, is it possible to hide the sold price so as to not depress local property price?

[WTFH]

Parents are buying a small property, its a shell, essentially four walls and a roof.

They're paying full market value based on its condition but it will require another 50% on top to bring it in line with the rest of the area and make it a habitable home.

Under such circumstances, is it possible to hide the sold price so as to not depress local property price?

It won't depress the local property price, don't be so Daily Fail!


What they need to do is make sure they go on to Zoopla after they have finished the work to update it with what they did to it.

[ChimpMaster]

yes if you have a good solicitor who understands how to lodge this with the Land registry.

Zoopla lol

[ContractorBanking]

yes if you have a good solicitor who understands how to lodge this with the Land registry.

Zoopla lol

thanks ChimpMaster.

Do you have any more info on how this can be done?

[AtW]

yes if you have a good solicitor who understands how to lodge this with the Land registry.

How is that possible, Land Registry is supposed to have true price? Unless you buy property for X and pay %-tage separately for old sofas...

[WTFH]

How is that possible, Land Registry is supposed to have true price? Unless you buy property for X and pay %-tage separately for old sofas...

If it's a commercial purchase or a repossession, I think you can request that it is withheld, but I don't understand the reason why it's so important to hide it.

[d000hg]

If it's a commercial purchase or a repossession, I think you can request that it is withheld, but I don't understand the reason why it's so important to hide it.

Well as already alluded to, sites like Zoopla are automated and will see the average price in the area has dropped; if it's an area with low turnover it could have quite a big impact.

Estate agents who are not aware of the details might also take this into account when performing valuations, as might Joe Public looking at past sale prices.

We've seen something similar. According to Zoopla, our house has gone up 66% in 2.5 years and I rather doubt that, but only one house on our street has sold in the intervening time. However, a nearby property sold for £800+k on a street where houses hardly ever sell so we wonder if this has had an effect.

I'm sure NF has an interesting article on how these valuation algorithms work somewhere

[WTFH]

But that only matters WHEN/IF you are selling, and if we're talking about estate agents (or potential buyers) using sites like Zoopla, then if you update those sites, it will reflect in the current values they show for your area.

[ChimpMaster]

It can be done but I won't go into details here. Google it and ask a good solicitor.

There are reasons why people want to keep the purchase price off of Land Registry. For example, I am buying a run down house to renovate and sell. It is important to me to be able to achieve the maximum selling price once the work is done.

When selling the property, the buyer's surveyor will look at the previous selling price and will look for evidence of what has been spent to improve the property. They will also look at comparable sales in the area. They will use this information to advise the buyer's lenders as to what the value is and hence this will decide the maximum loan that the buyer can take. If the value is too low, then the loan is smaller than the buyer wants/needs and the property does not sell for your asking price.

So, if the previous selling price is too low, it will impact the eventual saleability of the property and you will have to work a lot harder to prove the real value.

[DimPrawn]

Osborne Revives Plan For Land Registry Sale

Our mate () Osborne will flog the Land Registy to the Daily Mail or some such cunch of bunts.

Then all the data will be bulltulip anyways.

HTH BIDI