Confused over property price on houseprice sites

gocat

My sister bought my late mums property for £300K. She got a £100K mortgage, had £100K deposit herself and I gifted her £50K . There are 6 of us siblings so each got £50K sister who bought the property share went straight into buying the property. So all that = £300K

How ever the price shows on property sold prices sites as £250K
When I contacted the Land registry on this they told me to contact the solicitor that dealt with the paper work.So I did The solicitor replied " The actual purchase price paid for the property was £250,000.00 and as such this was the price reflected in all the documentation."

Im so confused over this. How could £300,000 have been paid but the solicitor is saying the above.

babyblade41

gocat wrote: »

My sister bought my late mums property for £300K. She got a £100K mortgage, had £100K deposit herself and I gifted her £50K . There are 6 of us siblings so each got £50K sister who bought the property share went straight into buying the property. So all that = £300K

How ever the price shows on property sold prices sites as £250K
When I contacted the Land registry on this they told me to contact the solicitor that dealt with the paper work.So I did The solicitor replied " The actual purchase price paid for the property was £250,000.00 and as such this was the price reflected in all the documentation."

Im so confused over this. How could £300,000 have been paid but the solicitor is saying the above.

It obviously wasn't the price paid if solicitor states this.. he will have all the documentation

What did it say on the Mem of sale ?? What does your sister say on the matter and also the completion statement should have the sale price.

Land registry rarely get it wrong and if solicitor states that was the price then could there be some mis understanding ?

kerri_gt

So £300k came out from your mums estate, did she have other savings / assets.

If your sister bought the house for £100k + £100k + £50k then the sale price was £250k which should be on the sale memorandum.

It sounds like the house made up £250k of your mums estate, plus there was another £50k in assets.

gocat

What is the sale memorandum please. Will have to ask sister what this says.

The other £50K is sisters 6th of inheritance that went straight into the purchase of the property, so she didnt even see it. the other 5 of us actually got our £50K if you see what I mean.

gocat

kerri_gt wrote: »

So £300k came out from your mums estate, did she have other savings / assets.

If your sister bought the house for £100k + £100k + £50k then the sale price was £250k which should be on the sale memorandum.

It sounds like the house made up £250k of your mums estate, plus there was another £50k in assets.

No all other assets was share out before sale of house as per will that mum made.

babyblade41

Mem of sale is the first bit of the conveyancing process. It tells you what the agreed price is and who the solicitor is etc ...but after thinking about it would there be one in this situation ..not sure.

However the completion statement should give a breakdown and the land registry record what the solicitor sends them so I'd say the price paid is 250k and not 300k

Bossypants

Have you asked your sister about it? Any chance the extra might have gone to stamp duty, if she already owns a property?

babyblade41

Bossypants wrote: »

Have you asked your sister about it? Any chance the extra might have gone to stamp duty, if she already owns a property?

SD on 250,000 would not be 50k.

chunkytfg

gocat wrote: »

What is the sale memorandum please. Will have to ask sister what this says.

The other £50K is sisters 6th of inheritance that went straight into the purchase of the property, so she didnt even see it. the other 5 of us actually got our £50K if you see what I mean.

5 x 50k is? ;)

babyblade41

chunkytfg wrote: »

5 x 50k is? ;)

yes but OP said her sister share (50K) went into the purchase of the property as well so it's 6 x50

But I suppose OP's sister was not obliged to put her 50k into it if she didn't want to..still a bit odd though

Bossypants

babyblade41 wrote: »

SD on 250,000 would not be 50k.

True, I should have worded my post differently, I just meant stamp as an example of broader costs. I'm in the process of buying a probate property at the moment, and I was only willing to come up to £30k below the top of my budget for it, because once purchase fees are factored in and the fact that it needs *everything* doing in order to be comfortable, it would be costing me £30k more than the sale price.

If that is the case, it would be strange that the sibling who gifted sister £50k wasn't told, though.