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Offer Accepted, vendor getting a new valutation.
Kaeolian
Posts: 2 Newbie
Hi all, forgive me if I dont quite follow forum etiquette as this is my first post here.
My partner and my self are first time buyers, we have found a shared ownership propery that fits our needs and is within our budget. We put an offer in which was accepted by the vendor of the "owned" part of the house, and the housing association approved us and gave the all clear for their part.
The vendor accepted our offer of 35k for the 25% he owns ( price is non negotionable on either side as with this housing association vendors are obliged to make sure its not sold for more or less than their valutation) but he has now said he thinks the house is worth more and wants another valuation of the property by the housing association. This will obviously affect the price of the 25% we are buying and also the rent on the other 75% we have to pay.
So what I would really like to know is, how can we make sure that the figure is accurate and we arent going to be ripped off ? We have seen identical properties on the same row of houses selling for exactly what the property is currently valued at. But the only valuation that matters is the one from the housing association apparently...
Thanks for reading !
My partner and my self are first time buyers, we have found a shared ownership propery that fits our needs and is within our budget. We put an offer in which was accepted by the vendor of the "owned" part of the house, and the housing association approved us and gave the all clear for their part.
The vendor accepted our offer of 35k for the 25% he owns ( price is non negotionable on either side as with this housing association vendors are obliged to make sure its not sold for more or less than their valutation) but he has now said he thinks the house is worth more and wants another valuation of the property by the housing association. This will obviously affect the price of the 25% we are buying and also the rent on the other 75% we have to pay.
So what I would really like to know is, how can we make sure that the figure is accurate and we arent going to be ripped off ? We have seen identical properties on the same row of houses selling for exactly what the property is currently valued at. But the only valuation that matters is the one from the housing association apparently...
Thanks for reading !
0
Comments
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The others properties that you are comparing with, were these shared ownership as well?
If they are not, and you are comparing to properties prices that are fully owned, I would be paying much less for the one you have offered on.0 -
Yes the properties we compared to are also shared ownership properties.0
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