Shared Ownership - Valuation Issues - Whos right - HA or Surveyor?

FirstTimeBuyerLondon

Hi SouthCoast, where abouts do you live?
Would love to buy a flat out right, but my max is way below £175k. Also prices in North London are far to high so Shared Ownership is my only choice

HARSA

I wish there was a function to block out certain people whenever you start a new thread. People like Brit1234 need to be stopped from taking over peoples' threads.

The OP goodluck and ask them to reduce it to 200k. My understanding is that the HA usually get a 20% from the builder

FirstTimeBuyerLondon

I know Harsa.
Well I guess there's no harm asking for £200k, although according to Land Registry the HA paid £240k.
Anyone been able to get a HA to knock off 20% off the asking price?

LondonMoneySpendingExpert

Hi FirstTimeBuyerLondon,

What will you do if they don't lower the price? How much money in total will you have lost?

What HA are you using?

Out of curiosity, if the seller has over valued the property isn't that in away false advertising?

geoffky

To slaughter the little lambs go..

DVardysShadow

HARSA wrote: »

I wish there was a function to block out certain people whenever you start a new thread. People like Brit1234 need to be stopped from taking over peoples' threads.

That is a stoopid idea.

Brit may be right, brit may be wrong. Personally on this, I think he is more right than wrong.

If you disagree, then make your own arguments in favour of what you reckon.

Gagging people has absolutely nothing to offer apart from helping lead little lambs to slaughter.

LondonMoneySpendingExpert

Hi Dvardy,
I'm new to shared ownership, therefore if Brit and Geof are right then it would help if they explained more rather then just saying things like "to slaughter the little lambs go..."
Any help would be useful

geoffky

READ here but it is the comments that are the most revealing...and its written by respected people.

http://www.insidehousing.co.uk/ihstory.aspx?storycode=6501770

and here
http://www.thisislondon.co.uk/standard/article-23529109-our-shared-ownership-dream-home-turned-into-a-disaster.do
and here
http://www.guardian.co.uk/money/blog/2010/jul/31/beware-cost-shared-ownership

http://www.google.co.uk/#pq=shared+ownership+does+not+lead&hl=en&cp=22&gs_id=10&xhr=t&q=SHARED+OWNERSHIP+nightmare&pf=p&sclient=psy-ab&source=hp&pbx=1&oq=SHARED+OWNERSHIP+night&aq=0&aqi=g1&aql=&gs_sm=&gs_upl=&bav=on.2,or.r_gc.r_pw.,cf.osb&fp=440660d03c957758&biw=1366&bih=580

LondonMoneySpendingExpert

Thanks. Some useful articles, although alot date to 2008. And not many from 2009, 2010 or 2011.
Were there any major changes in the last 3years?

FirstTimeBuyerLondon

Hi all,

Firstly, Happy New Year to all

Now I was wondering if I could get some further assistance. (Any shared ownership bashers please don't post a reply!)

As originally posted I recently found a property for a Shared Ownership. The property is a new build, 2 bedroom, 2 bathroom and on the 3rd floor. The asking price is £250k and I've been approved for 40% which I am happy with.

My Independent Financial Adviser (IFA) put my mortgage down with one of the banks which give shared ownership mortgages, which with my own research was actually the best deal around. The lender then did their own survey valuation and then advised that the property was only worth £200k and called the Housing Association (HA) valuation excessive!

Therefore:
HA Valuation: £250k
Bank Valuation: £200k
Diff £50k (-20%)

Now having received my valuation on the 23rd December I haven't been able to talk to my HA and IFA until today. The HA rep has said they have refused to lower the price to £200k and will discuss the valuation with their surveyors. My IFA is talking to the lenders surveyor as other flats have sold around the asking price of £250k

Now the reason I am posting again is because I have found out that the HA is advertising the same layout flats at £230k which is very annoying! Should I raise this with the HA now or should I wait for them to come back to me with a new offer?

Thanks