Mis-sold property

hazyjo

How many years left on the lease?

Thrugelmir

stephenjames16 wrote: »

Postcode is L33 8WY

Appears to be an area that has never recovered post the early 2000's boom. No doubt majority of property was bought by speculators as BTL. Until supply and demand balance out, and wages rise. Prices are unlikely to go anywhere.

You bought , you weren't sold. Property is only worth what somebody will pay. There's never any guarantees as to what a property is worth.

Though on the plus side you've had years of low interest rates. Have you used this extra money to clear the mortgage debt quicker?

Bacon_Sandwich

Did Jimmy Savile live in that block?

SallyDucati

Could it be an issue with the length of the remaining lease? (As it's an apartment I'm presuming it's leasehold).

dunstonh

Apartments in the mid 2000s were frequently overpriced. However, pricing is opinion and what you are willing to pay. Only you can decide if its worth it not.

A bad decision doesnt make it missold.

If so, is there any way of making a claim?

Who would you be taking to court?
Could you afford to lose the court case? (which almost certainly you would)

Rosieandjim

I expect this has had something to do with it as well as the above


https://www.theguardian.com/money/2017/jul/31/owners-ex-local-authority-homes-bills-thousands

hazyjo

Rosieandjim wrote: »

I expect this has had something to do with it as well as the above


https://www.theguardian.com/money/2017/jul/31/owners-ex-local-authority-homes-bills-thousands

Always been the same with ex-LA flats. I've been saying it on here for years...


Expect a hefty bill out the blue!


I think it'll be more to do with lease length, and it not being mortgageable (well, unlikely to get one).


That and probable rumours or worries re demolition. A quick google says this as the opening line under one of the results:

Six blocks since demolished, leaving Cedar Towers and Oak Towers (renamed as Willow

Rise and Beech Rise respectively) as only extant blocks. Local authority. Original commissioning authority:Liverpool County Borough Council. Original ...

eddddy

stephenjames16 wrote: »

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

So you have a mortgage - so perhaps the property was easily mortgageable when you bought it.

Mortgage lenders have tightened the lending rules now - so it will be very difficult to get a mortgage on it now.

So it's only really cash buyers who can buy it now - and there are relatively few of them about. So properties that are only suitable for cash buyers tend to sell quite cheap.

Some people who bought flats above shops, or small studio flats are in the same situation.


So you could say it's the mortgage lenders' fault for changing their lending policies - but there's no scope for claiming compensation.

moneyistooshorttomention

Sounds like it is down to just terrifically bad luck and bad timing.

Would there be any chance of selling it back to the Council and, if so, what sort of price do you think they'd pay to get back their property?

SpanishBlue

According to https://www.nationwide.co.uk/about/house-price-index/house-price-calculator#tab:HousePricecalculator - a property sold in the NW for £70,000 in 2008 is now worth £73,848.

The fact your property and that of your neighbours is not worth anything like that indicates there are major issues around your apartment block.