I have friends who are in the process of selling their house. The sale price is around 80% higher than the price at which the property was valued for LPT purposes. They have been advised that they may be subject to an additional LPT charge because of the discrepancy.
I know that our own house has increased in value by a similar percentage, but we are in a suburban estate where there are houses constantly changing hands and the price we submitted for LPT purposes can be readily validated by reference to other property sales in the area.
Not so with our friends, whose house is in the countryside with nothing directly comparable that they can use as proof that the valuation they gave for LPT purposes was reasonable. Should they be worried?
I know that our own house has increased in value by a similar percentage, but we are in a suburban estate where there are houses constantly changing hands and the price we submitted for LPT purposes can be readily validated by reference to other property sales in the area.
Not so with our friends, whose house is in the countryside with nothing directly comparable that they can use as proof that the valuation they gave for LPT purposes was reasonable. Should they be worried?