Shared ownership stair casing issue

Nikkifb

Hi, hoping someone can advise me on my options. I purchased a 50% share of a shared ownership property 4 years ago. Total price was £285k so my share was £142500. I am looking to purchase the remaining 50%- the housing association organised 2 valuations to ensure a fair valuation was carried out. Bearing in mind, 2 of my neighbours (with same house) recently purchased the remaining 50% of theirs. The first bought in sept 2015 with a valuation of £350k and the second purchased in Dec 2015 with a valuation of £360k.

I received only one valuation back from the housing association with a letter stating the valuation for my property is £420,000. I queried the other valuation and was begrudgingly sent this by the housing association. This valuation was for £400,000 so £20k difference. The housing association has basically just gone with the highest valuation.

My question is: Am I able to make an offer to the housing association based on the 2 different valuations, say, for £410,000? And has anyone actually done this and succeeded? I assumed the whole point of having 2 would be so that if they were different, an average would be taken. Clearly not! Seems the HA just want to make even more money off me!

All advice would be greatly received, thank you

Nikkifb

Anybody?

rtho782

You can offer whatever you like, but they don't have to accept it. Shared ownership is a bit of a mugs game really.

Michelle2014

Have you checked what your lease says? We our shared owners too and we would organise our own valuation if we want to staircase and just the one valuation would be needed.