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Homebuyers report has valued shared ownership flat at less than the price
verycleverusername
Posts: 11 Forumite
Hello
I'm in the process of buying a shared ownership resale flat from the housing association (there's no agent involved so the HA set the price). They value the flats by using a RICS survey but my homebuyers report (also RICS) has valued the flat at 25k less than the HA price. I've got my mortgage offer, so the bank clearly don't have an issue with the price. Have I any chance of getting the HA to drop the price? Usually they don't budge but perhaps someone has successfully managed this in the past. I'd rather buy a flat that does gain some value.
I'm in the process of buying a shared ownership resale flat from the housing association (there's no agent involved so the HA set the price). They value the flats by using a RICS survey but my homebuyers report (also RICS) has valued the flat at 25k less than the HA price. I've got my mortgage offer, so the bank clearly don't have an issue with the price. Have I any chance of getting the HA to drop the price? Usually they don't budge but perhaps someone has successfully managed this in the past. I'd rather buy a flat that does gain some value.
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You are probably buying at the wrong time for that TBH.verycleverusername said:Hello
I'm in the process of buying a shared ownership resale flat from the housing association (there's no agent involved so the HA set the price). They value the flats by using a RICS survey but my homebuyers report (also RICS) has valued the flat at 25k less than the HA price. I've got my mortgage offer, so the bank clearly don't have an issue with the price. Have I any chance of getting the HA to drop the price? Usually they don't budge but perhaps someone has successfully managed this in the past. I'd rather buy a flat that does gain some value.0 -
Well, yes. But it is London so fairly safe.Crashy_Time said:
You are probably buying at the wrong time for that TBH.verycleverusername said:Hello
I'm in the process of buying a shared ownership resale flat from the housing association (there's no agent involved so the HA set the price). They value the flats by using a RICS survey but my homebuyers report (also RICS) has valued the flat at 25k less than the HA price. I've got my mortgage offer, so the bank clearly don't have an issue with the price. Have I any chance of getting the HA to drop the price? Usually they don't budge but perhaps someone has successfully managed this in the past. I'd rather buy a flat that does gain some value.0 -
Not sure I would agree with that.verycleverusername said:
Well, yes. But it is London so fairly safe.Crashy_Time said:
You are probably buying at the wrong time for that TBH.verycleverusername said:Hello
I'm in the process of buying a shared ownership resale flat from the housing association (there's no agent involved so the HA set the price). They value the flats by using a RICS survey but my homebuyers report (also RICS) has valued the flat at 25k less than the HA price. I've got my mortgage offer, so the bank clearly don't have an issue with the price. Have I any chance of getting the HA to drop the price? Usually they don't budge but perhaps someone has successfully managed this in the past. I'd rather buy a flat that does gain some value.0 -
I think I have to agree with @Crashy_Time on this point. There’s a good chance we’re at the top of the market for many properties and areas, with potential rises over the next few years being minimal.
however, that’s only my opinion, though one I’m actually putting money on by selling our house and moving into rented for a year or so.30th June 2021 completely debt free…. Downsized, reduced working hours and living the dream.1 -
Your question is whether the HA will negotiate. Nobody can possibly answer that, as you haven't even said which one it is!No reliance should be placed on the above! Absolutely none, do you hear?1
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May be connected to the cladding mess? The Telegraph is banging on about how this could begin to affect the wider property market (and mortgages)0
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Do different HA`s have different rules for negotiating on price?GDB2222 said:Your question is whether the HA will negotiate. Nobody can possibly answer that, as you haven't even said which one it is!0
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