Very Stressed First Time Buyer - valuations

Kate81

I am just in the process of buying a shared ownership house with a housing association, buying 30%. To begin with I had lots of issues getting a lender who would lend to me. Finally we got accepted by Woolwich and are going though the application process with them which has been going on for at least a couple of months.

They have just got round to do the valuation which I just got today which is £10k less than what the housing association want to sell it for. I am guessing it is £1ok less now because of the months it has taken them to get to this stage, the market has declined even more.

As a first time buyer, I am stuck what to do. Should I negotiate with the housing association? If so what is the best way? Or should I get another valuation?

Any help what great...

cattie

I don't know if things have changed over the past year or so, but shared ownership property has never been negotiable. The HA set the price & that's what they expect to get for the share they are selling.

Have you spoken to the HA to see what their response is? Only I'm sure if they feel you need to get another valuation they will tell you.

zone

Try and negotiate the price down. If they dont agree, then perhaps you could ask them for 50% share of the property instead of 30%? For the same price.

Georgie4

zone wrote: »

Try and negotiate the price down. If they dont agree, then perhaps you could ask them for 50% share of the property instead of 30%? For the same price.

This is definitely your first line of attack before you pay for a second valuation