Land Registry has updated its practice for entering price paid or value stated figures into the Register.
You are now required to give an actual price paid or value stated on first registration or on a change of ownership. This is intended to increase the transparency of property and land values in England and Wales.
If an actual price paid or value stated figure is not supplied, Land Registry will request this information if they believe it is readily available.
The new practice will apply to dispositions dated on or after 1 May 2013. It will not apply to dispositions that omit the price paid and are in a form expressly required by an agreement entered into before 1 May 2013.