Shared Ownership undervalued by 10 grand

beastly_bod

Hello, not been here before, so scrabbling around for a forum in which to post this query.
Bought H/A resale last year, less than six months ago. The price was high, so attempted to negotiate. Was firmly told by H/A no go. The H/A made a couple of blunders, re lease, but that was overcome. The valuation outlived its three month stint, by virtue of the fact that conveyancing had commenced. Tried again to have a re-value. No luck, a desk-top valuation was mooted, but vendor didn't want that.
Just had a valuation - overall price is 17k down. (my share 5.5k) Before you say, you needn't have bought it, can I start from here?
I was told this was the price, and it was fixed.
When I returned to the H/A with a new valuation, they said, if I wanted to sell, I could market at the price I bought (That 5.5 k more) - but be aware of building society valuations. (I was a cash purchase).
I requested the original vendor's first valuation, ie did she also adjust nearer her purchase price, which was at the peak in 2007. This is slow in materialising. It does seem that I have taken her 'hit'.
I wonder what is the purpose of insisting we pay for a valuation, when this has no bearing at all. Plus it is supposed to be a fair market valuation.
I'm considering what to do, if anything.
Apologies for jumping in here.

Graham_Devon

readytofly wrote: »

Gosh im glad i read these posts! We were looking into shared ownership and are hoping to go to the launch of sales at new development near us - everything i read about this i get more and more wary about the whole scheme!

OP seems like you have been given some good advice, its such a huge commitment. The way i see it is - shared ownership is like renting only you cant get out of it as quickly as you could in a rental only property if something were to go terribly wrong, as you are tied to the mortgage payments. GOOD LUCK with whatever you decide x

Don't read TOO much into some of the replies, as they can mislead you. Do you OWN research, make sure you know all the facts, T&C's etc. Ask people who have actually bought shared ownership for their thoughts, rather than someone who hasn't ever touched the scheme. Remember, people will be biased from all angles.

Make sure A) you know which scheme you are actually dealing with, and don't confuse it with others, such as shared equity you know the T&C's and C) You know the downfalls aswell as the good points.

To the OP....why would you spend more than the property is worth. £500 maybe. But 10k? Get it for its valuation price, or walk away. Remember, if you ever want to sell, you'll be the one sitting in the middle of these tussles between two organisations, unable to move on.