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Massive down-valuation on a new build

1246

Comments

  • Klr005
    Klr005 Posts: 23 Forumite
    Seems a lot of people don't understand shared ownership or how it works.

    The price is non negotiable. Its set at a value and you pay a share on that meaning the other purchasers in the block had valuations come back to match the price.

    Whatever you think of Housing Associations and price inflations, others have bought their share and so OPs valuation must be different and under valued compared to the others of the same price.

    Good luck with a different valuation.
  • Interesting that you've been 'screwed' over by someone who values properties for a living instead of being screwed over by a greedy developer. I know which one I'd be blaming.
  • ProDave
    ProDave Posts: 3,785 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper Combo Breaker
    Klr005 wrote: »
    Seems a lot of people don't understand shared ownership or how it works.

    The price is non negotiable. Its set at a value and you pay a share on that meaning the other purchasers in the block had valuations come back to match the price.

    Whatever you think of Housing Associations and price inflations, others have bought their share and so OPs valuation must be different and under valued compared to the others of the same price.

    Good luck with a different valuation.

    I could put my house on the market at an inflated above valuation non negotiable price. But I would not expect anyone to actually come and buy it.

    Likewise I would walk away from this if they are so arrogant they expect you to pay more than a professional valuer has said it is worth.

    If nobody buys it, they will have to get real and lower the price. Don't be the mug that pays over the odds for it, go and find something else.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    I didn't realise the pricing of new property was now enshrined?

    Erm OP, you work in financial services?

    I must be missing something here.


    No, that seems to make perfect sense to me.
  • Klr005
    Klr005 Posts: 23 Forumite
    If your only option for house buying is shared ownership, you don't get the luxury of just walking away.
    I think the OP is saying that the other valuations have all come back spot on so why hasn't theirs.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    It can be better to go looking for second hand shared ownership.
  • Smi1er
    Smi1er Posts: 642 Forumite
    What area of London?

    A 2 bed new build flat in London value wise is only going in one direction at the moment and it isn't up. Value it next month and it will be less.

    I personally don't understand why someone would want a small 25% share in a £550K flat. I think the valuer has done you a huge huge favour
  • hazyjo
    hazyjo Posts: 15,475 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Why don't you speak with a couple of regular estate agents to see what sort of ballpark price they would expect to get for what you're looking at.

    Because at the moment my crystal ball is telling me you'll be back in a few years' time questioning how your flat can be valued so low when you paid more when you bought it several years before, and how you're trapped and possibly even in negative equity.
    2024 wins: *must start comping again!*
  • catshark88
    catshark88 Posts: 1,099 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Mortgage-free Glee!
    V good article in The Times (money section) today, about the difficulties people have been having with negative equity in HTB flats (and how v profitable they are for house builders).
    "Have nothing in your houses that you do not know to be useful, or believe to be beautiful." William Morris
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    catshark88 wrote: »
    V good article in The Times (money section) today, about the difficulties people have been having with negative equity in HTB flats (and how v profitable they are for house builders).


    Scary to think that people expected anything else.
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