Land registry - wrong price!

hubertb

I bought my ex partner out of our property and the solicitor entered the price paid in the land registry forms. The price paid by me to my ex partner was approximately half the agreed value.

Now when I look on Zoopla and similar the price of the property looks like it has gone down hugely. I'm not happy about this because it is misleading in several ways, price paid is interpreted as value which means that I will have a battle to explain the situation to future buyers and also all my neighbours now have downward pressure on their valuations.

Should I insist that the solicitor corrects the entry to the agreed value?

Should I inform land registry that the price paid information is misleading and should not be copied to Zoopla etc? (If so how to do this?)

A contact who works in property suggested amending the price paid to £0 and registering a charge to record both the valuation and price paid. Is this feasible/advisable?

RelievedSheff

This is normal practice. You will not get it changed!!

user1977

Nobody with any sense will think it was a price achieved in a normal arm's length sale, this isn't something to get concerned about.

GDB2222

Anomalous prices on the LR are pretty common. Somehow, the property market survives. 

Flugelhorn

user1977 said:

Nobody with any sense will think it was a price achieved in a normal arm's length sale, this isn't something to get concerned about.

agree people look at it and realise it wasn't a normal sale, there are lots of figures on LR like that 

housebuyer143

As above. I see lots of property on Rightmove sold prices just like this. I assume it was a sale just like in your case. I don't think it was worth half the amount of the rest in the street and it does not matter.

74jax

hubertb said:

I bought my ex partner out of our property and the solicitor entered the price paid in the land registry forms. The price paid by me to my ex partner was approximately half the agreed value.

Now when I look on Zoopla and similar the price of the property looks like it has gone down hugely. I'm not happy about this because it is misleading in several ways, price paid is interpreted as value which means that I will have a battle to explain the situation to future buyers and also all my neighbours now have downward pressure on their valuations.

Should I insist that the solicitor corrects the entry to the agreed value?

Should I inform land registry that the price paid information is misleading and should not be copied to Zoopla etc? (If so how to do this?)

A contact who works in property suggested amending the price paid to £0 and registering a charge to record both the valuation and price paid. Is this feasible/advisable?

By who? 

I can't imagine anyone looking at zoopla for a house valuation.

LR records price paid, which is exactly that. It's the same if 2 people own 50% and 1 buys the other out (I guess similar to you both) or sells it to someone else. 

You don't keep updating LR with a valuation from a surveyor or valuer, it would be extremely costly. 

user1977

74jax said:

hubertb said:

I bought my ex partner out of our property and the solicitor entered the price paid in the land registry forms. The price paid by me to my ex partner was approximately half the agreed value.

Now when I look on Zoopla and similar the price of the property looks like it has gone down hugely. I'm not happy about this because it is misleading in several ways, price paid is interpreted as value which means that I will have a battle to explain the situation to future buyers and also all my neighbours now have downward pressure on their valuations.

Should I insist that the solicitor corrects the entry to the agreed value?

Should I inform land registry that the price paid information is misleading and should not be copied to Zoopla etc? (If so how to do this?)

A contact who works in property suggested amending the price paid to £0 and registering a charge to record both the valuation and price paid. Is this feasible/advisable?

By who? 

I can't imagine anyone looking at zoopla for a house valuation.

The main way properties are valued is by looking at comparables from recent transactions with similar properties, so it is true to that extent - but surveyors etc are only going to take evidence from open-market transactions, not something like the OP's case.