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  • FIRST POST
    • Lucy_79
    • By Lucy_79 8th Jun 17, 7:29 PM
    • 2Posts
    • 0Thanks
    Lucy_79
    House undervalued by surveyor
    • #1
    • 8th Jun 17, 7:29 PM
    House undervalued by surveyor 8th Jun 17 at 7:29 PM
    Hi,

    I'm currently trying to sell my shared ownership home, the housing association are making this as difficult and expensive as possible.

    I was told my the ha that I had to use a survey from their list which cost me £230! I have now received the valuation and it's undervalued by about £20k!!! I know this because I've compared it to similar properties in the local area. The housing association said I could appeal against the valuation which I've now done, however the surveyors come back and said the valuation still stands. In the meantime I had a local estate agent value the property and they valued it at the higher price.

    Has anyone had a similar problem or can offer any advice?

    Thanks in advance
Page 1
    • glentoran99
    • By glentoran99 8th Jun 17, 7:35 PM
    • 4,603 Posts
    • 3,602 Thanks
    glentoran99
    • #2
    • 8th Jun 17, 7:35 PM
    • #2
    • 8th Jun 17, 7:35 PM
    Hi,

    I'm currently trying to sell my shared ownership home, the housing association are making this as difficult and expensive as possible.

    I was told my the ha that I had to use a survey from their list which cost me £230! I have now received the valuation and it's undervalued by about £20k!!! I know this because I've compared it to similar properties in the local area. The housing association said I could appeal against the valuation which I've now done, however the surveyors come back and said the valuation still stands. In the meantime I had a local estate agent value the property and they valued it at the higher price.

    Has anyone had a similar problem or can offer any advice?

    Thanks in advance
    Originally posted by Lucy_79


    Whats to stop you marketing it at the higher price?
    • Cakeguts
    • By Cakeguts 8th Jun 17, 9:09 PM
    • 2,737 Posts
    • 3,763 Thanks
    Cakeguts
    • #3
    • 8th Jun 17, 9:09 PM
    • #3
    • 8th Jun 17, 9:09 PM
    Forget the estate agent valuation. Sometimes they give higher values just to get business they also only really guess because the value is what someone will pay for it. When you say you have compared it to other properties do you mean that you have compared it to sold prices or to asking prices because if it is asking prices these could be higher than the property is worth. What you need are recent sold prices. However you have to remember that even if something sold for £20k more 3 months ago it doesn't mean that yours will do the same.

    What you are actually saying is that you think they have undervalued it not that they actually have done this because you don't actually find out what it is worth until someone pays you for it. There is nothing to say that the estate agent is correct either.
    • sparky130a
    • By sparky130a 8th Jun 17, 9:27 PM
    • 638 Posts
    • 775 Thanks
    sparky130a
    • #4
    • 8th Jun 17, 9:27 PM
    • #4
    • 8th Jun 17, 9:27 PM
    Hi,

    I'm currently trying to sell my shared ownership home, the housing association are making this as difficult and expensive as possible.

    I was told my the ha that I had to use a survey from their list which cost me £230! I have now received the valuation and it's undervalued by about £20k!!! I know this because I've compared it to similar properties in the local area. The housing association said I could appeal against the valuation which I've now done, however the surveyors come back and said the valuation still stands. In the meantime I had a local estate agent value the property and they valued it at the higher price.

    Has anyone had a similar problem or can offer any advice?

    Thanks in advance
    Originally posted by Lucy_79
    Welcome to the world of shared ownership...

    Now, why do you think they got someone to "under value " it...
    • Lucy_79
    • By Lucy_79 9th Jun 17, 8:23 AM
    • 2 Posts
    • 0 Thanks
    Lucy_79
    • #5
    • 9th Jun 17, 8:23 AM
    • #5
    • 9th Jun 17, 8:23 AM
    I thought it was in their interest too to get a higher value. And yes I was comparing to sold prices in the area.
    • sparky130a
    • By sparky130a 9th Jun 17, 9:39 AM
    • 638 Posts
    • 775 Thanks
    sparky130a
    • #6
    • 9th Jun 17, 9:39 AM
    • #6
    • 9th Jun 17, 9:39 AM
    I thought it was in their interest too to get a higher value. And yes I was comparing to sold prices in the area.
    Originally posted by Lucy_79
    Not if they have first refusal to buy it back.....
    • ££sc££
    • By ££sc££ 9th Jun 17, 12:20 PM
    • 241 Posts
    • 122 Thanks
    ££sc££
    • #7
    • 9th Jun 17, 12:20 PM
    • #7
    • 9th Jun 17, 12:20 PM
    Dig out your lease and see what it says about getting the property valued. I doubt it says you have to choose one from landlord's list. Usually you can sue any RICS registered surveyor BUT NOT AN ESTATE AGENT. You could see what further recourse you have to dispute the current valuer's figure,,,,complaint process? or refer to District Valuer.

    Alternatively if you can use any RICS registered valuer and you genuinely feel it is wrong, i'd be tempted to pay a few hundred quid for another valuation from another valuer. i can see why you wouldn't want to have to fork out but if £20k out may save you a fortune.

    Ignore what the staff say and check your lease. best of luck
    • emmatthews
    • By emmatthews 9th Jun 17, 12:58 PM
    • 649 Posts
    • 1,259 Thanks
    emmatthews
    • #8
    • 9th Jun 17, 12:58 PM
    • #8
    • 9th Jun 17, 12:58 PM
    It would make more sense if they had first refusal on purchasing. I assume seeing as it was their surveyor that they would let you staircase using the same valuation?
    • sparky130a
    • By sparky130a 9th Jun 17, 1:18 PM
    • 638 Posts
    • 775 Thanks
    sparky130a
    • #9
    • 9th Jun 17, 1:18 PM
    • #9
    • 9th Jun 17, 1:18 PM
    Dig out your lease and see what it says about getting the property valued. I doubt it says you have to choose one from landlord's list.
    Originally posted by ££sc££
    And i'll bet it does. That's a standard SO clause.
    • Philuk
    • By Philuk 9th Jun 17, 4:39 PM
    • 60 Posts
    • 38 Thanks
    Philuk
    SO with HA are usually a bit cheaper at time of purchase compare to private flats in similar development. The discount is usual attached with shorter lease, lower specs and less favourable location (NE facing, closer to road, etc). This reflects when it comes to sell. Bearing in mind it is meant to be "affordable housing", the HA wants to keep value as low as possible and the lease is designed this way (first refusal). The only time I ve seen those flats going for private pricing is when the owner staircased to 100%, making it uneconomical for people registered with SO scheme. You can't have it both way, you have to pass on the discount you initially received.
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