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House undervalued by surveyor

Hi,

I'm currently trying to sell my shared ownership home, the housing association are making this as difficult and expensive as possible.

I was told my the ha that I had to use a survey from their list which cost me £230! I have now received the valuation and it's undervalued by about £20k!!! I know this because I've compared it to similar properties in the local area. The housing association said I could appeal against the valuation which I've now done, however the surveyors come back and said the valuation still stands. In the meantime I had a local estate agent value the property and they valued it at the higher price.

Has anyone had a similar problem or can offer any advice?

Thanks in advance

Comments

  • glentoran99
    glentoran99 Posts: 5,825 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Debt-free and Proud!
    Lucy_79 wrote: »
    Hi,

    I'm currently trying to sell my shared ownership home, the housing association are making this as difficult and expensive as possible.

    I was told my the ha that I had to use a survey from their list which cost me £230! I have now received the valuation and it's undervalued by about £20k!!! I know this because I've compared it to similar properties in the local area. The housing association said I could appeal against the valuation which I've now done, however the surveyors come back and said the valuation still stands. In the meantime I had a local estate agent value the property and they valued it at the higher price.

    Has anyone had a similar problem or can offer any advice?

    Thanks in advance



    Whats to stop you marketing it at the higher price?
  • Cakeguts
    Cakeguts Posts: 7,627 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper
    Forget the estate agent valuation. Sometimes they give higher values just to get business they also only really guess because the value is what someone will pay for it. When you say you have compared it to other properties do you mean that you have compared it to sold prices or to asking prices because if it is asking prices these could be higher than the property is worth. What you need are recent sold prices. However you have to remember that even if something sold for £20k more 3 months ago it doesn't mean that yours will do the same.

    What you are actually saying is that you think they have undervalued it not that they actually have done this because you don't actually find out what it is worth until someone pays you for it. There is nothing to say that the estate agent is correct either.
  • sparky130a
    sparky130a Posts: 660 Forumite
    Lucy_79 wrote: »
    Hi,

    I'm currently trying to sell my shared ownership home, the housing association are making this as difficult and expensive as possible.

    I was told my the ha that I had to use a survey from their list which cost me £230! I have now received the valuation and it's undervalued by about £20k!!! I know this because I've compared it to similar properties in the local area. The housing association said I could appeal against the valuation which I've now done, however the surveyors come back and said the valuation still stands. In the meantime I had a local estate agent value the property and they valued it at the higher price.

    Has anyone had a similar problem or can offer any advice?

    Thanks in advance

    Welcome to the world of shared ownership...

    Now, why do you think they got someone to "under value " it...
  • Lucy_79
    Lucy_79 Posts: 2 Newbie
    I thought it was in their interest too to get a higher value. And yes I was comparing to sold prices in the area.
  • sparky130a
    sparky130a Posts: 660 Forumite
    Lucy_79 wrote: »
    I thought it was in their interest too to get a higher value. And yes I was comparing to sold prices in the area.

    Not if they have first refusal to buy it back.....
  • ££sc££
    ££sc££ Posts: 247 Forumite
    Dig out your lease and see what it says about getting the property valued. I doubt it says you have to choose one from landlord's list. Usually you can sue any RICS registered surveyor BUT NOT AN ESTATE AGENT. You could see what further recourse you have to dispute the current valuer's figure,,,,complaint process? or refer to District Valuer.

    Alternatively if you can use any RICS registered valuer and you genuinely feel it is wrong, i'd be tempted to pay a few hundred quid for another valuation from another valuer. i can see why you wouldn't want to have to fork out but if £20k out may save you a fortune.

    Ignore what the staff say and check your lease. best of luck
  • KRB2725
    KRB2725 Posts: 685 Forumite
    Part of the Furniture
    It would make more sense if they had first refusal on purchasing. I assume seeing as it was their surveyor that they would let you staircase using the same valuation?
  • sparky130a
    sparky130a Posts: 660 Forumite
    ££sc££ wrote: »
    Dig out your lease and see what it says about getting the property valued. I doubt it says you have to choose one from landlord's list.

    And i'll bet it does. That's a standard SO clause.
  • Philuk
    Philuk Posts: 60 Forumite
    SO with HA are usually a bit cheaper at time of purchase compare to private flats in similar development. The discount is usual attached with shorter lease, lower specs and less favourable location (NE facing, closer to road, etc). This reflects when it comes to sell. Bearing in mind it is meant to be "affordable housing", the HA wants to keep value as low as possible and the lease is designed this way (first refusal). The only time I ve seen those flats going for private pricing is when the owner staircased to 100%, making it uneconomical for people registered with SO scheme. You can't have it both way, you have to pass on the discount you initially received.
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