In property, what does a Non-Standard Sale mean?
Sometimes when you are browsing property sold prices you might see the statement of ‘non standard sale‘ and you might very well question what exactly does it mean. Most property sales (sold prices) will state the address and price achieved when you are researching what prices are like locally, many websites offer this information from Rightmove to StreetCheck. This final piece of information is a great source of information for you for when it comes to buying and also selling property, outside of un-concluded property for sale which contains asking prices, you really want to know what the property achieved at the end of the day ie when and what amount of money is exchanged.
So, what does a non-standard sale (entries) really mean in property? This will simply let you know that the purchase was not a straight forward one ie not a standard cash or mortgaged transaction on a property up for sale in the traditional way. It is generally nothing to worry about and is mentioned to inform you that the sale was likely a repossession (or power of sale), buy-to-lets (where they can be identified by a mortgage) and transfers to non-private individuals (e.g. commercial property or those bought through a company).
When you check sold prices you will usually see a trend such as lower prices as you go back in years, though sometimes you might see a property that bucks the trend and usually these will contain a non-standard sale note or a * alongside it – This will then let you know that this property is likely to be slightly off in the price trend and there is a genuine reason for this so do not panic or assume that some insincere transaction has taken place.
You May Also Enjoy
What to know when buying land
Tenant demand strong, landlord supply shrinking
Why Join a Letting Agents Association?
House price growth remained subdued in July
Rent hikes and tighter tenant checks as landlord costs climb
