Selling my shared ownership home - survey valued to high!

Pamj1900

I am selling my shared ownership home which I 50% own with Midland Heart Housing association. With very bad customer service from Midland Heart I was given instructions on how to proceed. As my neighbour was already keen to buy the property I knew I had a buyer and keeping a close eye on properties being sold on our street I also knew the rough price I was expecting for the sale.
I was to sell the 100% house on behalf of midland heart, which they call stair casing scheme.
To start with I had to pay for a survey to be carried out but only through the surveyors that midland heart recommend. (Chamberlains in Birmingham). Basically under my lease terms, I have to abide by this valuation, and half of this valuation will go directly to midland heart.
My surprise when my house was valued at £105k too high!!!! The house is a 2 bedroomed terrace, no double glazing and needs updating. The area is not great (near the villa grounds) and the recent houses sold went for between £86k-91k, with some the houses sold being 3 bedroomed, double glazed properties!

Basically I am stuck, my neighbours or anyone cannot and will not pay £105k for my property, it will stay on the market for years. But midland heart will collect £52,500 from any sale. They would not let me carry out another independent survey, saying theirs count under my lease. I challenged the surveyor, and he come across as a sleazy character who keeps lying to me about houses prices sold (I checked on land registry). I have put in a complaint about him.

My neighbours had a survey carried out by their mortgage brokers and their valuation came out as £90k! Which is more reasonable, but means I am left with no equity once my mortgage is paid and Midland Heart will collect almost 60%!

Is there anyone who can advise me of options? I am truly frustrated, Midland Heart and their surveyors are completely screwing me over and they are not very customer friendly.

jonas123

Check your lease but usually if there's a dispute over the 1st valuation you can normally bring in the district valuer to get another and final valuation.

Is there the option that if it doesn't sell within x weeks, you can put it on the open market? That sometimes exists

Gonzo1987

speak to the surveyor - ask him to provide comparables to prove how he came to the figure he did, you can also see if you can find your own to use as evidence that you think he's over valued it.

Have you given a copy of the valuation to your housing association yet? if you haven't don't until you speak to the surveyor.

Bonniepurple

A quick Google says that the valuation will be carried out by RICS - so if you feel it is over-valued you need to complain to them. Can you also instruct your own valuation so you can compare the 2?