Final staircasing of shared ownership valuation issue!

xaavia

Hi,we are currently in the final stage of staircasing to 100% of our shared ownership flat. We have a mortgage offer with HSBC (as they informed us that if we remortgaged our current share with them, we would have to purchase the final share with them too). We had a valuation done for our Housing Association which valued our property at £360,000. However, HSBC wanted their own valuation done, so we paid for their valuer who also valued it at £360,000. We are a week away from completion, and we got a letter from HSBC saying our mortgage offer needs to be reviewed because the valuer that was sent for our mortgage with HSBC has marked our property as 'restricted'. The mortgage advisor said in this case they would not be able to lend us the full amount we need inorder to staircase. When asked for an explanation for what 'restricted' meant, he said it means that it is an ex-council property and there would be security issues which is why they will have to restrict the amount they will lend us.

However, our building is new - 'PULSE' development in Colindale! It was developed in 2013. Our block is a mix of shared ownership and private flats. This has never been an ex-council estate at any point.

Has anyone with shared ownership property come across this? Can someone give me some guidance on what I can do about this?
I am completely distraught, as we were so close to completion and all I want is to finally own my own home

dimbo61

I googled " 'PULSE' development in Colindale!"
Came up with a few news items so not sure which one is yours?
No mention of EX COUNCIL property.
So is it Fairview homes ?
Or Redrow ?
Silverworks ?
Or Colindale ?
Do you have a £25,000 parking space ?
Get back to HSBC and state that its not ex council but looks like Help To BUY and private flats
Good Luck

xaavia

dimbo61 wrote: »

I googled " 'PULSE' development in Colindale!"
Came up with a few news items so not sure which one is yours?
No mention of EX COUNCIL property.
So is it Fairview homes ?
Or Redrow ?
Silverworks ?
Or Colindale ?
Do you have a £25,000 parking space ?
Get back to HSBC and state that its not ex council but looks like Help To BUY and private flats
Good Luck

It is built by Fairview. HSBC are aware this is a new build shared ownership flat and said they tried to ask their conveyancing team to remove the 'restricted' off but it was declined by the company they get their valuations done from.