Estate agents and the property price register

onekeano

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I've made bids on 3 properties recently - typically offering significantly below the asking price. These properties have all been with different agents and inevitably the lines is "I can't imagine that the vendor will seriously consider such an offer" to which I have retorted along the lines "well looking at the property price register (PPR) I think it's a pretty reasonable offer".

Each time I have been to not to mind the PPR as it's way out of day - however one of my neighbour sold and moved out 6 weeks ago and that house is on the register already so I know that's not always the case.

I'm wondering is there an obligation on the legal guys to ensure property prices are registered within a specific timeframe once the sale has been processed?

While the spin from the EAs hasn't changed my strategy I'm sure for people like first time buyers it must be pretty disconcerting to be hearing that the PPR is completely out of date.

Roy
 
"I'm wondering is there an obligation on the legal guys to ensure property prices are registered within a specific timeframe once the sale has been processed?"

The Property Price Register is comprised of those houses sold where the purchaser's solicitor has filed a Stamp Duty return with Revenue. That return is typically done within 4-6 weeks of funds being transferred and the sale closed. My experience is that the PPR is up to date within that time frame.

mf
 
Thanks MF - that is what I would have expected but obviously the EAs are taking a flyer with some of the prices being quoted. There's on house I looked at quoting 300k - it's a dated 3 bed so nothing special and the highest on the road over last 3 years has been 230k so it's way overpriced even with the uplift this year.

Thanks for clarifying, I know there could be the odd delay but at least I know what the typical reporting time is now.

Much appreciated,

Roy
 
The Property Price Register is comprised of those houses sold where the purchaser's solicitor has filed a Stamp Duty return with Revenue. That return is typically done within 4-6 weeks of funds being transferred and the sale closed. My experience is that the PPR is up to date within that time frame.


It’s a good few years since I bought a house but in the case of 2 of the 4 properties I have bought over the years it took the solicitor over a year to pay the stamp duty. I changed solicitor after that and the guy I used for the last 2 was excellent. My point is that unless things have changed, and they may well have, then if the PPR is based on when the Stamp Duty is paid then it may well be out of date.
 
Hi Purple - thanks for the feedback. I actually contacted the PRA who manage this and got some very helpful feedback which reassured me. Some key points:

- declaration is primarily filed electronically by solicitors onbehalf of the purchaser.
- Revenue impose penalties for late declarations (more than 30 days after the transaction).
- The Register is updated each week (generally on a Wednesday)

I would imagine solicitors don't like the idea of penalties so I suspect they are processed ina timely manner and looking at a couple of houses that I know went some, the register was updated pretty quickly.

Roy
 
Hi Purple - thanks for the feedback. I actually contacted the PRA who manage this and got some very helpful feedback which reassured me. Some key points:

- declaration is primarily filed electronically by solicitors onbehalf of the purchaser.
- Revenue impose penalties for late declarations (more than 30 days after the transaction).
- The Register is updated each week (generally on a Wednesday)

I would imagine solicitors don't like the idea of penalties so I suspect they are processed ina timely manner and looking at a couple of houses that I know went some, the register was updated pretty quickly.

Roy

That's good Roy, glad to see things have changed.
 
I'm pretty sure there has been penalties on stamp duty for as long as you have been buying houses, Purple! The penalties have changed over the years, but they've been around a long, long time.

We used to have to send off the documents by post to the Revenue and wait up to 6 weeks to get them back at times if there was a backlog.

Nowadays paying through ROS and getting a stamp cert electronically we tend to pay and stamp on the closing date, there is no reason to delay.
 
I'm pretty sure there has been penalties on stamp duty for as long as you have been buying houses, Purple! The penalties have changed over the years, but they've been around a long, long time.

We used to have to send off the documents by post to the Revenue and wait up to 6 weeks to get them back at times if there was a backlog.

Nowadays paying through ROS and getting a stamp cert electronically we tend to pay and stamp on the closing date, there is no reason to delay.

When I bought my first house (second property) I instructed the solicitor to clear a bridging loan with the proceeds. I received a statement to that effect but a year and a half later I found that he hadn’t cleared it and he hadn’t paid the stamp duty. When I queried it he refused to pay the accumulated interest on the loan and dismissed my query as to when he intended to pay it saying that his auditor would have found the extra money at the end of that year when he looked at the balance of the client account and it would have been paid then. I asked his if he would give me the First Active shares he’d bought with my money but they weren’t forthcoming either :). He did return the money (without interest) and pay the stamp duty and register the deeds after that but I had to threaten him with a complaint to the Law Society.
Needless to say I moved my custom after that.

The guy I used last time is great.
 
Try different spellings of the address,the register is in tatters due to spelling mistakes,I was waiting on a price on a property that was sold 6 months previously and I eventually found it alight but it was spelled the way you'd expect it if it was Chinese whispered through 6 drunk people.
 
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