Mis-sold property

PassingOutInTheParade

I suppose it is entirely plausible that there could be such a great loss.

Maybe a hostel or a nightclub has opened nearby.

An elderly couple I knew bought a beautiful bungalow at £225k, and 10 years later it only achieved £85k due to a Probation hostel and day centre opening across the road. It was clear for all to see on StreetView on RM advert, even had the obligatory slipper/pyjama wearing smokers stood on the pavement!

dinkylink

stephenjames16 wrote: »

Hello,

In February 2008 I bought an apartment for 70k. The value crashed not long afterwards and even today I could probably only sell it for 20-25k which is a fall of 65-70%. This seems to be an outrageous drop in value and not in keeping with my area or in fact anywhere in the country.

Could it be the case that the apartment was actually vastly overvalued? If so, is there any way of making a claim?

I genuinely thought this was a wind up post until I saw you'd been a member on these forums for 7 years!

PrettyKittyKat

A property is worth what someone is willing to pay. You will willing to pay 70k so it was worth 70k.

stephenjames16

Wow, some cracking responses there.

I’m not an idiot, I understand that house values can fluctuate. What I don’t understand is why every property that has sold within half a mile of mine has either retained a similar value or risen slightly. This indicates that the area is not the reason for the drop. There is nothing wrong with the block of apartments that mine belongs to, or at least nothing that is different to when I bought mine. The only way I can justify the change in value is that they were over valued originally as I have not overpaid against the valuation.

The vast drop in value just doesn’t make sense to me and I’m trying to understand it

bigisi

Where are you getting this figure from which you think is the current "value"?

McKneff

If all the other property has held its value,,, perhaps it's just you

lisyloo

Where have you got the new value from? Is it sale prices in your block only but not other block?


Are you aware of the cladding issue? Post the grenfell fire, there is fear that there could be very expensive maintenance bills for similar properties as well as buyers not wanting to live in them.


Could this be the issue in your block?


If it is, it's just unlucky (or possibly negligence by builders) but no way anyone buying a flat could have forseen that risk.

waamo

Did you get an independent valuation? Not that it matters now as there is absolutely nothing you can do about it.

Alfrescodave

I suspect that this is another of those posts where the OP slowly drip feeds information until it becomes obvious what the problem is but in the meantime has wound everyone up requesting more details.

Goes to look in cupboard for the popcorn !

stephenjames16

The value is based on recently sold properties in the block and also properties that are currently for sale. The issue has nothing to do with cladding as the values had dropped before that.

I didn’t get an independent valuation, but my mortgage provider must have agreed with the valuation given I presume

There’s no obvious problem that I’m going to drip feed otherwise I wouldn’t bother starting what seems like a ridiculous post. The fact that it seems so ridiculous is why I’m asking. There’s just no logic to the current value and I’m trying to get my head around what has happened to it