House overvalued in 2008

Gemjoemaxmia

I wonder if anyone has any advice, we brought our new house in 2008 on a shared equity scheme for £199,950 via David Wilson homes, obviously the property Market then dropped and the house is only now worth £165,000 leaving us with a large amount of negative equity. When I have looked at the sold prices of identical houses in our street at the same time we brought ours they are as low as £170,000 we paid the most on our street. How could the valuations be so different on a brand new development?
It seems we are stuck in our home with no chances of moving up the property ladder
is there any chance of challenging the valuation?
Any advice would be great, ps please be kind this is my first ever post on a forum.

Emmzi

their prices may be lower because they negotiated and you didn't.

you will not get it revised retrospectively.

marliepanda

Were you one of the first to buy? Best plot? Developers in no rush to sell off so didn't knock money off.

You can't go back 4 years and expect money back. The time to negotiate the valuation was 4 years ago.

G_M

That's like my kettle!

I paid Currys £29.99 for a kettle in 2007 but I've found an old archived Google site showing the same kettle was for sale at John Lewis at the time for £27.00

Can I get Currys to pay me £2.99 difference?

Cissi

G_M wrote: »

That's like my kettle!

I paid Currys £29.99 for a kettle in 2007 but I've found an old archived Google site showing the same kettle was for sale at John Lewis at the time for £27.00

Can I get Currys to pay me £2.99 difference?

Wow, John Lewis cheaper than Currys? You've definitely been conned there!

Surely the OP has to be a hoax?

Gemjoemaxmia

Thanks for responses I realise I didn't make myself that clear, I was questioning the mortgage valuation survey done on behalf of the lender ( not the valuation of the developer) as it was a new development they have to do there valuations using comparables and the comparables would all have been lower, so wasn't sure how ours was passed at the higher value.

googler

Gemjoemaxmia wrote: »

I wonder if anyone has any advice, we brought our new house in 2008 on a shared equity scheme for £199,950 via David Wilson homes, obviously the property Market then dropped and the house is only now worth £165,000 leaving us with a large amount of negative equity.

Any advice would be great, ps please be kind this is my first ever post on a forum.

Surely if you're on shared equity, and you're in negative equity, someone else is too.....?

Who shares it with you? DWH? On what percentage split?

Gemjoemaxmia

It was a 75%, 25% split with dwh on a 10 year deferred loan, they will just look for 25% of what the property is worth at the end of the 10 year term.

maninthestreet

Do you need to move? If not, then NE isn't a problem for you.

Gemjoemaxmia

We don't need to immediately, I was concerned that with the level of defecit it will never be possible

Thrugelmir

You agreed the purchase price of the property. The surveyor merely confirmed to the lender that the property was adequate security for the mortgage. The valuation was not made for your benefit.