Mis Sold before completion

Montana17

Wanted to see if anyone can advise - I am in the process of buying a shared ownership resale flat.
When I was initially offered the property (by the Housing Association that owns the freehold) I was told it would include a parking space in the secure parking area. This was in the leasehold Keypoints document I was given before I committed to the purchase.
My solicitors are now at the enquiries stage and have noticed that there was no parking space included in the lease and the Housing Association have now said this was a mistake in the first document and apologised 'for any inconvenience'. 
I don't know (but am trying to find out) if the valuation included a parking space or not and to be honest I don't currently need one but I was thinking I could rent it out (secure parking in London can earn £100pm). And obviously parking, especially off street secure parking, adds value to the property that would only increase with time - even if the valuation was correct I still feel I am not getting the great deal I thought I was!

However as I found out before we've completed and exchanged, even though I am already invested having paid conveyancing and mortgage fees, do I have any legal rights regarding being mis sold at this stage? I see this as more than a minor inconvenience and feel they should be doing something to correct it.

Any help or advice much appreciated! I hope I've explained the situation ok!

Mutton_Geoff

You haven't been mis-sold anything. You were told something that your due diligence in the purchasing process has now revealed. You have no legal rights up until you exchange contracts. Try offering less, see what they say. What will you do if your reduced offer is declined?

user1977

Montana17 said:

I don't know if the valuation included a parking space or not and to be honest I don't currently need one but I was thinking I could rent it out 

Even if you had one, you may well not be allowed to do that.

eddddy

Montana17 said:

I see this as more than a minor inconvenience and feel they should be doing something to correct it.

Having found this out - you can adjust your offer to compensate. But the Housing Association don't have to accept your reduced offer.

Being shared ownership, the price would probably have been set at a valuation provided by a RICS valuer.

If the valuer was told it included a garage, perhaps they would now reduce their valuation, if they're now told it has no garage.

km1500

Well if a seller induces a buyer to purchase something and the buyer subsequently finds out hat was said is not true (eg parking space) then the seller may well be guilty of misrepresentation and if so will have to compensate the buyer for their expenses.

You need to decide if you are willing to.proceed without the parking space (maybe at a reduced price), or pull out.

If the latter, ask.your solicitor about claiming back his fees etc on the grounds of seller misrepresentation.

anselld

You have the same legal options as ever prior to exchange - proceed, not proceed, or amend your offer.

silvercar

Your solicitor will have to tell the mortgage lender, they may insist on a revaluation based on not having parking.

macman

The sale takes place at completion, so, by definition, you cannot be 'mis-sold' anything before you have completed.

elsien

km1500 said:

Well if a seller induces a buyer to purchase something and the buyer subsequently finds out hat was said is not true (eg parking space) then the seller may well be guilty of misrepresentation and if so will have to compensate the buyer for their expenses.

You need to decide if you are willing to.proceed without the parking space (maybe at a reduced price), or pull out.

If the latter, ask.your solicitor about claiming back his fees etc on the grounds of seller misrepresentation.

On what legal basis? 

diystarter7

OP
Please request a reduction in price. Before you do that see what the going price is for a similar-sized flat  in your block without a parking space.
Don't forget that for apartments that come with parking spaces the service charges/lease is often higher.

TheJP

km1500 said:

Well if a seller induces a buyer to purchase something and the buyer subsequently finds out hat was said is not true (eg parking space) then the seller may well be guilty of misrepresentation and if so will have to compensate the buyer for their expenses.

You need to decide if you are willing to.proceed without the parking space (maybe at a reduced price), or pull out.

If the latter, ask.your solicitor about claiming back his fees etc on the grounds of seller misrepresentation.

You have no clue of the legal system when buying houses do you. This is the whole point of conveyancing and the big sticking point is the OP hasn't bought anything yet. Not mis-sold anything in fact not sold anything at all, a mistake was made, its come to light. OP maybe re-negotiate and others say its likely the lease would forbid any rental on the space anyway.