PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Shared ownership staircasing: HA refusing desktop appraisal

Options
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?

Comments

  • da_rule
    da_rule Posts: 3,618 Forumite
    Sixth Anniversary 1,000 Posts
    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?
  • Norman_Castle
    Norman_Castle Posts: 11,871 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    edited 6 September 2019 at 10:42AM
    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.
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    ejo31 wrote: »
    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%.
    From that, it sounds as if the issue is not that it's a desktop valuation, but that it's simply an update to an older valuation, rather than being a fresh one.
  • kingstreet
    kingstreet Posts: 39,254 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.8K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.8K Work, Benefits & Business
  • 598.6K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 257.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.