Land Registry - misleading price paid?

MobileSaver

About ten years ago I split up with my girlfriend and bought out her 50% share of our home. The house was worth £200k+ but we had a mortgage and so agreed the equity was around £120k; this resulted in me paying her £60k cash for her share and taking over the mortgage on my own.

Out of curiosity I've just downloaded the Land Registry Title documents and they state "The price stated to have been paid on XX XXXXX 2000 was £60,000" while the summary at the top simply says "Price Stated: £60,000"!

While technically the statement/price is correct it seems very misleading to me - does this matter?

Evilm

It was the price paid for your transaction and therefore is correct. It doesn't however represent the value of the property and should the question arise it can be explained.

ILW

Probably down valued every other property on the street.

MobileSaver

Evilm wrote: »

It was the price paid for your transaction and therefore is correct. It doesn't however represent the value of the property and should the question arise it can be explained.

Thanks, so nothing to worry about in my case.

ILW wrote: »

Probably down valued every other property on the street.

Agreed and I'm sure I'm not the only one who wrongly assumed Land Registry prices were actual property sold prices.

What I did ten years wasn't exceptional then and is probably becoming more prevalent now as more people jointly own their property and then split. This does mean that average house prices based on Land Registry data could actually be higher than gets reported...

datostar

MobileSaver wrote: »

Thanks, so nothing to worry about in my case.



Agreed and I'm sure I'm not the only one who wrongly assumed Land Registry prices were actual property sold prices.

What I did ten years wasn't exceptional then and is probably becoming more prevalent now as more people jointly own their property and then split. This does mean that average house prices based on Land Registry data could actually be higher than gets reported...

And if you check these house price websites like Zoopla you'll find that they've just added a percentage on to the Land Registry figure, giving a completely inaccurate figure for present value. Happens where occupationally tied properties have been sold at a discount too, not just council houses.