Would a house value be affected due to being an ex repo?(LAND REGISTRY !)

bikingbarney

Mgman1965 wrote: »

With such a large extension has the property lost most of its garden as this could affect its value ?

No quite the opposite in fact. The house is on a corner plot and now has a driveway for 3 cars and also decent sized rear garden.

kingstreet

The price achieved in the repossession sale is not published by the LR so its future pricing or that of other properties nearby shouldn't be affected.

bikingbarney

kingstreet wrote: »

The price achieved in the repossession sale is not published by the LR so its future pricing or that of other properties nearby shouldn't be affected.

See I thought that about the price but on zoopla its showing the price we paid and when we bought it ?

stator

Might be your solicitor ticked the wrong box on LR form. Usually respossession is considered a sale under market value.

TBagpuss

Have you had any gents round to give you markting advie? The local agents will know the area and will be best palcd to give you an idea of value and to let you know how in demand the property is likely to be.

I wouldn't expect the work you have done to add much to the value but when the property details are written up you can ensure that it includes information about the work done, as this helps people to see why the value may have risen by mor ethan the local average.

If you get 2 or 3 diferent agents to come and advise than you can comapre what they tell you - if they all tell you the same (about howsaleable the property is, whether being the only 4 bed is good or bad etc) then you will have a better idea of where you stand.

bikingbarney

We have a couple of agents coming round next week that my wife is going to show around.

So if we paid (these figures are hypothetical Btw) 170k for it 2 years ago and smaller 3 beds are now going for between 183 and 188k is it safe to summise that the house will be worth more than the 3 beds?

kingstreet

bikingbarney wrote: »

See I thought that about the price but on zoopla its showing the price we paid and when we bought it ?

An error. LR has a list of circumstances in which the price isn't published and repossession is one of them.

There is a Land Registry representative on here who may be able to clarify when they next visit.

bikingbarney

Ok thanks for that?

Paul_the_Painter

Definitely suggest getting in touch with solicitor and land register BEFORE having the agents round or marketing property. The agents only interest is getting your house on the books and selling it, not getting the best price for it. They will say it will have no impact and price it correctly, but as soon as buyers start researching it they will see the artificially low previous price and offer accordingly. Estate agent will (with a sorrowful look) advise acceptance due to low previous sale price, lack of substantial work and (probably) Brexit.

If however you can get the error on the submission rectified, yours will look like a good value 4 bed, in an area with a shortage of them.

bikingbarney

Im looking for a way to PM the Land registry representative on here to see if he can shed some light on it but I cant see a way of doing it on his page??