Confused over property price on houseprice sites

SandraX

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.

Did you guys not note the stamp duty paid as that should have given the game away. You are made aware beforehand re stamp duty.

What was valuation and the mortgage lenders,By your own calculations it's 250k as your sisters 50k does not count unless she put it by way of depoist or mortgage.

lisyloo

Your sister got a £50k discount.
Does not seem the correct way to have done it.
Land registry is accurate for selling prices.
Zoopla is of no value whatsoever.
Rightmove are asking prices (unless they are showing land registry selling prices).

G_M

Sister already owned 1/6th of the property under the will,

She paid £250 to buy the other 5/6ths.

She (presumably) paid SDLT on £250K - the amount she paid.

LR recorded the sale as £250K

What's the problem?

As for distorting property prices:

1) if you mean the overall trends, then one property will have zero impact

2) if you mean future potential buyers might be misled, well, more fool them for even looking at the last price paid - meaningless in terms of the current value.







in a

Lloyd90

She did not get a discount, she just already owned 1/6 of the house.

AdrianC

How can so many people be baffled by this?

Six people - A, B, C, D, E, F - each have one apple.
B, C, D, E, F all sell their apple to A for 5p each.
A now has six apples.
How much has A spent on buying apples?

A already had 10p in their pocket, and Mr Z at the bank down the road lent A another 10p.
B "gave" A 5p, which A promptly gave back in exchange for B's apple.

G_M

but if A had eaten his apple at the start, meaning only 5 apples remained, that would have destroyed the core or your argument.

Mutton_Geoff

This thread is giving me the pip.

lisyloo

So out of curiosity, is there something on the land registry that says she’s purchased 5/6ths?

gocat

lisyloo wrote: »

So out of curiosity, is there something on the land registry that says she’s purchased 5/6ths?

Cant see anything that shows that

getmore4less

gocat wrote: »

So that makes the Land registry, and the likes of zoopla, rightmove unreliable then. Guess thats an whole new thread lol.

Thanks for all the replies. Has sort of answered where the "missing" £50K has probably gone.

People should already know that.