Northern Ireland Co-Ownership...

edited 30 November -1 at 1:00AM in N. Ireland
3 replies 3.2K views
Glisburn89Glisburn89 Forumite
1 Post
edited 30 November -1 at 1:00AM in N. Ireland
Hi,

Just wondering if anyone has shared a similar experience as below and can advise...

We decided to possibly sell our property which was bought via co-ownership in 2014 tail end of 2017. We had co-ownership out to value the property to see what share we would have to pay them back from our sale.
The valuation has a 3 month expiry on it which doesn’t provide enough time to begin with to complete a sale but they came to value it end of September 17 and valued at £99,000...we have since been able to sell against advice of original estate agents valuation for £107,500. As the 3 months have now expired we had to have it revalued by the exact same person as September who has now decided he thinks its worth £107,000 which is an £8k increase from September. We feel this is just because this is what we have sold it for and not what they actually believe it is worth. It certainly doesn’t take into considerationany improvements we have made to the appartment.

Has anyone challenged this previously or know of best grounds to dispute the new valuation on? We had worked all our finances around our agreed selling figure and now this will leave a dent in our deposit for next purchase.

Thanks

Replies

  • tara747tara747 Forumite
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    Check your paperwork/contract from when you bought. You'd be hard pressed to disagree with a valuation of £107k if that's what you've just sold it for...
    Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
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  • This sounds quite unbelievable and I never realised that this also applies when you are selling up. I mean, I have bought bigger shares and made sure I paid within the 3 months. But it is hard to see how many can change hands from moment of evaluation to exchanging money. That said, some tips:-

    I recall they were more lenient when you phoned them. Just try and maybe give them an extra month or so.

    You can appeal against the evaluation and get a second opinion.

    Can you let me know how you got on?

    Thanks!
  • edited 16 March 2018 at 11:10AM
    pointage33pointage33 Forumite
    1 Post
    edited 16 March 2018 at 11:10AM
    Hi there,

    I just read this post and would be really interested on how you got on in the end, as I am in a very similar situation and will be appealing.

    Many thanks
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