Shared Ownership On Land Reg

[Pent Up]

How do shared ownership purchases show on the land registry, if at all? I assume the property would be originally purchased by a registered company and iirc these do not show. But how would the subsequent purchase by the SO buyers show? it's a true purchase in the traditional sense or is it just a 'virtual' purchase by contract with the real owners?

The reason I ask is I would like to look the previous sale of an SO flat that an aquaintance purchased (I know the rough date and street but not the full address)

[tim123]

How do shared ownership purchases show on the land registry, if at all? I assume the property would be originally purchased by a registered company and iirc these do not show. But how would the subsequent purchase by the SO buyers show? it's a true purchase in the traditional sense or is it just a 'virtual' purchase by contract with the real owners?

The reason I ask is I would like to look the previous sale of an SO flat that an aquaintance purchased (I know the rough date and street but not the full address)

Sometimes they appear as a "normal" purchase, sometimes they don't.

(Not very helpful I know)

tim

[Pent Up]

Sometimes they appear as a "normal" purchase, sometimes they don't.

(Not very helpful I know)

tim

Not very helpful at all

So would say a 25% share of a £200k house show as £50k? If so how would you know that this is for a share rather than the whole house?

[Executive Sadman]

The ones ive seen come up as leasehold instead of freehold.

[MattW]

From my observations the House Price website shows the price of the purchased share - & even the houses are flagged up as leasehold. That is all the information given.

[Buccaneer]

Another question on shared ownership.

How is stamp duty charged?

[SarahBell]

The ones ive seen come up as leasehold instead of freehold.

All shared ownerships are leasehold aren't they?

This is part of the con!

[Pent Up]

All shared ownerships are leasehold aren't they?

This is part of the con!

The ones I'm looking at are flats so leasehold regardless.

[Driver]

From memory, If it's a house, it gets registered as leasehold with the association being the freeholder until such time as the last slice is purchased.

The price I doubt would be shown since it's not a full value purchase.

[Pent Up]

From memory, If it's a house, it gets registered as leasehold with the association being the freeholder until such time as the last slice is purchased.

The price I doubt would be shown since it's not a full value purchase.

Buy the price can't be just omitted? I've never seen any land reg entries with no price. From I can gather the full purchase price is shown, although the actual price paid would only be a share of this.

[Jadoube]

Not very helpful at all

So would say a 25% share of a £200k house show as £50k? If so how would you know that this is for a share rather than the whole house?

No, at least not in the 'price paid' file that people are looking at when they look up past prices on web sites. That file excludes all sales deemed not to be the full value of the house. Things such as a share of a house, or an advantageous price for a council right to buy, are not supposed to show up.

Your question perfectly illustrates the reason the LR exclude such sales from the file.

[Pent Up]

No, at least not in the 'price paid' file that people are looking at when they look up past prices on web sites. That file excludes all sales deemed not to be the full value of the house. Things such as a share of a house, or an advantageous price for a council right to buy, are not supposed to show up.

Your question perfectly illustrates the reason the LR exclude such sales from the file.

I thought those types of sales were excluded from the house price index but they would still show on the data.

Edited March 14, 2011 by Pent Up

[Jadoube]

I thought those types of sales were excluded from the house price index but they would still show on the data.

I believe the house price index is built using the same price paid file. Certainly when the tender first came out for the building of the index it was clearly stipulated that the winning bidder would be required to buy the price paid data file and use it to, in effect, sell the house price index back to the LR.

Its all down to their concept of fairness. They do not allow themselves to appear to have an advantage over a private company - so they can not build their HPI using a data file that is not made available to anyone else wishing to build thier own HPI.

For the same reason its not possible to buy the data with all these 'exclusions' put back in. The data exists but, 'to be fair to everyone', you have to make do with the same data file as everyone else.

This may change in the future. For those interested in getting access to data from govt sources its well worth Googling 'Public Data Corporation' and watching to see what may happen. LR is one element being considered for the PDC. Of course if anything useful does happen it may well mean you have to pay more for the LR price data. (Or rather the web sites that give it away free may have to pay more. Ordnance Survey is one of the other parts being considered for the PDC - and they are a litigous expensive bunch of so and so's renowned for terms and conditions designed to limit business.)

The whole idea is to balance making big bucks and promoting the big society by giving some data away. Where they end up on that is going to be interesting (for data geeks and a host of businesses)