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Shared ownership staircasing: HA refusing desktop appraisal
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ejo31
Posts: 1 Newbie
I'm currently very stressed as our staircasing has hit a roadblock.
We bought 50% of a shared ownership property in 2016, and earlier this year purchased another 30% with a full RICS-accredited valuation. We then had a desktop appraisal carried out within the validity period of the first assessment to extend this valuation, to allow us to purchase the remaining 20% at that price.
Our solicitor is arguing that this meets the terms of the lease, which only states it has to be a RICS-accredited valuation (not whether it is a desktop or not). However the HA is arguing that the full valuation was for the first staircasing of 30%, and we now need a full new one for the last 20%.
I've been trying to get a second opinion on this matter. Our solicitor is arguing that our lease does not state it needs to be anything other than a RICS valuation and the HA is obstructing our right to staircase under the lease. However, we did get another full valuation on the side but it was £120k higher!
Should I try fight this matter with the HA, or accept the drastically higher valuation?
We bought 50% of a shared ownership property in 2016, and earlier this year purchased another 30% with a full RICS-accredited valuation. We then had a desktop appraisal carried out within the validity period of the first assessment to extend this valuation, to allow us to purchase the remaining 20% at that price.
Our solicitor is arguing that this meets the terms of the lease, which only states it has to be a RICS-accredited valuation (not whether it is a desktop or not). However the HA is arguing that the full valuation was for the first staircasing of 30%, and we now need a full new one for the last 20%.
I've been trying to get a second opinion on this matter. Our solicitor is arguing that our lease does not state it needs to be anything other than a RICS valuation and the HA is obstructing our right to staircase under the lease. However, we did get another full valuation on the side but it was £120k higher!
Should I try fight this matter with the HA, or accept the drastically higher valuation?
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Comments
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Ultimately, you’re going to need to figure out the cost of potentially fighting this and whether it’s worth it.
Is the valuation clause as vague as a RICS valuation? Normally they say it has to be agreed with the HA etc?0 -
A RICS valuation may only be valid for three months. If you're outside that it may need another valuation.
Can you use the original valuer who is likely to have the same opinion of the value and only adjust according to inflation/deflation.0 -
We bought 50% of a shared ownership property in 2016, and earlier this year purchased another 30% with a full RICS-accredited valuation. We then had a desktop appraisal carried out within the validity period of the first assessment to extend this valuation, to allow us to purchase the remaining 20% at that price.
Our solicitor is arguing that this meets the terms of the lease, which only states it has to be a RICS-accredited valuation (not whether it is a desktop or not). However the HA is arguing that the full valuation was for the first staircasing of 30%, and we now need a full new one for the last 20%.0 -
The desktop is usually permitted after perhaps three months as an update on a physical valuation on a transaction which is taking time to complete.
However, you completed that transaction and are now embarking on a separate transaction, for which a new valuation would be required.
IMO of course.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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