Misleading property price data on Land Registry document

VinceOran

Hi all
I'm trying to sell a small vacant workshop property that I inherited from dad a couple of years ago.
The value stated on the Land Registry document once it had been transferred to me was less than half dad paid for it. The valuation on the title also refers to and includes a couple of bits of land adjacent to the property which have their own titles.

These two other bits of land are owned jointly between me and a friend of my dads. They had an idea that they might develop it together, but this is now unfeasible, so I also inherited the friend with the land, which is now becoming a bit of a nightmare, but that's probably for a different post!

The solicitor who was joint executor with my brother, says that the figure shown doesn't reflect the value of the property, even though the document clearly states it as a value.
I feel that the valuation shown is misleading to prospective purchasers as a couple of them seem to think that this was the price that had been paid for the property & are assuming that the asking price is substantially more than it is worth, which I don't think it is, having seen another similar one in the same area. I also think that the estate agent with whom I'm selling based his valuation on what is shown in the current document.

I've had a look at the Land Registry website & it's not very helpful, nor does it have any form of contact details.

Does anyone know if the 'valuation' on the current document can be changed back to the 'price paid' as shown on the previous land registry title when dad originally bought the property? And why would the value shown on the workshop title include the adjacent plots of land when they have a different title?

silvercar

Does anyone know if the 'valuation' on the current document can be changed back to the 'price paid' as shown on the previous land registry title when dad originally bought the property?

No, it is the value at the date in question.

That valuation would have been made. If there was any question of inheritance tax being owed then the tax department valuers would have had to agree the valuation.

And why would the value shown on the workshop title include the adjacent plots of land when they have a different title?

Don't know, maybe there was no need to split the valuation.

You can spin whatever story you want to prospective purchasers. That you inherited it and so no money change hands, so the valuation was only for tax purposes has a ring of truth to it.

AnotherJoe

Anyone who is basing the price on what is in the LR is trying it on. If the price in the LR had a zero attached would they happily pay that on the grounds that's what it's worth?

The value is, whatever people are prepared to pay for it now . If you have it for sale for a long time at what you think "it's worth" then it clearly isn't worth what you think it is.

G_M

Are you sure you're looking at the LR website, not a commercial website?


Contact Land Registry

General enquiries

Contact form https://landregistry.c...

For general enquiries, please use our contact form.



Ymholiadau cyffredinol

Contact form https://landregistry.c...

Defnyddiwch ein ffurflen gysylltu ar gyfer ymholiadau cyffredinol.



Support forum

Contact form https://support.landre...

For land and property questions and answers, please use our public forum.



Land Charges

Email [EMAIL="LandCharges.CustomerTeam@landregistry.gov.uk"]LandCharges.CustomerTeam@landregistry.gov.uk[/EMAIL]

For queries about Land Charges registers or Agricultural Credits.



Commercial services

Contact form https://landregistry.c...

For queries about chargeable property information services.



International services

Email [EMAIL="international@landregistry.gov.uk"]international@landregistry.gov.uk[/EMAIL]

For queries about international land administration systems.



Phishing emails

Email [EMAIL="phishing@landregistry.gov.uk"]phishing@landregistry.gov.uk[/EMAIL]

Please forward any suspicious Land Registry emails to us. You won't receive a response, but we will examine the email.

Land_Registry

VinceOran wrote: »

The value stated on the Land Registry document once it had been transferred to me was less than half dad paid for it. The valuation on the title also refers to and includes a couple of bits of land adjacent to the property which have their own titles.

I've had a look at the Land Registry website & it's not very helpful, nor does it have any form of contact details.

Does anyone know if the 'valuation' on the current document can be changed back to the 'price paid' as shown on the previous land registry title when dad originally bought the property? And why would the value shown on the workshop title include the adjacent plots of land when they have a different title?

Our PG7 explains how we make price paid/value entries - I assume by current document you mean the register
https://www.gov.uk/government/publications/price-paid-or-value-information-registration-procedures

If the register entry refers/links to other titles I assume the last transaction involved all three and a valuation provided covering them as a collective

We would not revert to a previous valuation/price and as others have posted the details are included simply to reflect the valuation/price paid at that point in time.

If you want to check on why the entry was made as it was then use the contact Enquiry form G_M has linked you to

G_M

The valuation on the title also refers to and includes a couple of bits of land adjacent to the property which have their own titles.

So anyone viewing the valuation will see that it refers to the other plots as well and will thus deduce that a purchase that excluded those plots would be proportionately lower.

AdrianC

AnotherJoe wrote: »

Anyone who is basing the price on what is in the LR is trying it on. If the price in the LR had a zero attached would they happily pay that on the grounds that's what it's worth?

The value is, whatever people are prepared to pay for it now . If you have it for sale for a long time at what you think "it's worth" then it clearly isn't worth what you think it is.

^ THIS.

The price shown on LR is for interest only. That's not the price it's for sale at now, and that's not the price that you'd agree to sell it for.
If the people who think that's "what it's worth" can find other, similar, properties for the same, then they're welcome to buy those instead.