Shared ownership valuation issue

klloyd89

Hi
We are buying a shared ownership property for 275k and has been valued at 265k. We are buying a 25% share so obviously valued 2.5k less of what we are buying. 
 We are happy to pay full price and put down the extra 2.5k. 
 We got our mortgage offer back displaying the purchase price is 66250, our solicitor and the housing association have said it should be 68750.
  The lender is lending 56310 we are putting down 9940 deposit and have 2.5k to cover the difference in valuation.  

We are still waiting to hear back from solicitors and broker but now been 2 days and starting to worry. 

Is it meant to be 66250 or 68750 on the mortgage offer?

Thanks 

ChloeManoey

25% of 265k is £66250, which is what the bank believes the property is worth 

HA and Solicitor figure represents 25% of the price of 275k = £68750, which is what they are expecting from you ...

Mortgage 56310 + deposit 9940 + extra 2500 = £68750

Seems fine to me

klloyd89

That's how I see it too, should the mortgage offer have purchase price as 68750 or 66250 though? 

[Deleted User]

Mortgage offer shows the lower of the purchase price or the valuation 

Offer is correct 

[Deleted User]

I believe the mortgage offer should show purchase price of £68750 with your deposit as £ 12440 
£12440 plus £ 56310 = £68750 

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