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Overvalued or a ridiculously low valuation?
b0bcat_2
Posts: 3 Newbie
Im a 1st time buyer, with a 10% deposit. Had an offer accepted by the vendor.
This property is sold at a 50% discount scheme (affordable housing scheme)
Basically the leasehold property must always be sold at 50% of its market value, but you own 100% of the property.
The property was valued at 160k in November 09, therefore to be sold at asking price of 80k. I’ve had an offer of 79k accepted. Just had the place valued by the Halifax and their valuation is only 125k, therefore to be sold at 62.5k!! The property is only 6 years old and was first sold for 65k. (market value in 2004 at 130k) And the current owner got their mortgage for this property 3 years ago, also from the Halifax and they valued it then at 150k, and they got their mortgage for 75k from the Halifax no problem. The estate agent and the Housing Association (who have the lease) both agree that this valuation is ridiculous, and I’ve paid £280 for this. Because of this particular scheme, the Halifax is the only place that I know of that are providing mortgages on these type of properties. Does anyone have any advice of how to appeal or is it worth the hassle and just right-off my £280 and forget my chance of buying my first place??
This property is sold at a 50% discount scheme (affordable housing scheme)
Basically the leasehold property must always be sold at 50% of its market value, but you own 100% of the property.
The property was valued at 160k in November 09, therefore to be sold at asking price of 80k. I’ve had an offer of 79k accepted. Just had the place valued by the Halifax and their valuation is only 125k, therefore to be sold at 62.5k!! The property is only 6 years old and was first sold for 65k. (market value in 2004 at 130k) And the current owner got their mortgage for this property 3 years ago, also from the Halifax and they valued it then at 150k, and they got their mortgage for 75k from the Halifax no problem. The estate agent and the Housing Association (who have the lease) both agree that this valuation is ridiculous, and I’ve paid £280 for this. Because of this particular scheme, the Halifax is the only place that I know of that are providing mortgages on these type of properties. Does anyone have any advice of how to appeal or is it worth the hassle and just right-off my £280 and forget my chance of buying my first place??
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Comments
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Negotiate the price down...in this climate nobody is going to pay more for a property than what it is valued at........0
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Who did the survey?0
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These schemes are always overvalued, stick to your valuation.:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
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