Staircasing - shockingly high valuation - HELP!

fanyuanyuan

12 months ago, I bought 75% share of my home from Housing Associate, and I want to staircase to 100%. The valuation came back from HA's surveyor was shockingly 60% up from original price. 60% up in 12 months! I was speechless!

Could anyone advise me how should I go about disputing this?

Thanks a lot.

Loopy28

Is there an appeals procedure?

Do you have to use the HA's surveyor? When I was shared ownership I could choose who did the valuation provided they were RICs qualified. Mine was great and he even phoned to run the valuation past me before submitting this to the HA.

Sounds like the HA aren't acting in your best interest if they insist you use the one they want.

tea-bag

Shared ownership is a bit of a nightmare. My mum has one her housing association undervalue the property and you can't appeal. The also dictate the price if you want to sell.

rob404uk

Can you use the same valuation to sell? If you could sell you would have the whole market to look at

fanyuanyuan

I did not get any choice of surveyors, it was assigned by the HA. There isn't a proper appear procedure, but HA said I could provide my representation on the valuation should I feel it's not right! However, equally they would not accept the valuation from a surveyor hired by myself. Not sure how else on earth I can do to approve their valuation is crazy?!

I need to check if this would be the valuation that I could sell at. I've phoned my current lender who has given me an online valuation of 30% price increase vs. 60% provided by HA. This means it will leave a massive gap between the amount I can borrow and asking price, and as a result I won't be able to afford. Might have to consider selling.

Has anyone had experience of successfully appeal on their valuation?

TBagpuss

If you want to ask them to review their valuation then you would have to make prepresentations, which should be factual.

Look at rightmove and zoopla for sold prices for similar properties in your area.If you are making representations that the property has been over valued then you will need to provide details of comparable properties. If you find details of properties which were valued at the sort of price the surveyor has out down for yours, your representations should focus on how those properties differ from yours (e.g. bigger , better area, fully modernised, off-street parking etc)


Although they have said they won't accept a valuation from your surveyor, you might never the less consider getting a valuation and specifically asking hat it include comparables and detail on how the value has been reached, as those parts might be helpful in preparing your representations.
Get two or three agents in to look at the property and provide advice about selling, and ask them whether the price would change significantly if you were able to sell 100% rather than 75%

Is it possible that it was undervalued when you bought it, or that the difference is based on the difference in being able to sell a property outright, and being able to sell a 75% share with (presumably) an obligation to pay rent as well?

fanyuanyuan

Thanks TBagpuss. It's very helpful your advice.

I have arranged a lender valuation, thinking if a bank come back with a lot lower figure, it would argue the case quite strongly. Plus I am going to get a few agents valuation for back up.

Having experienced this, I really would not suggest anyone to go with shared ownership properties anymore. HAs are very irresponsive to any problems and won't look after your interest if not ripping you off.

RedRuby_2

Any update on your situation OP? Which HA is it?