Mis Sold before completion

propertyrental

Montana17 said:

.... I am in the process of buying a shared ownership resale flat.
... I was told it would include a parking space......before I committed to the purchase.
Errr.... you just said "in the process of buying" ..." so you have not yet "committed to the purchase" Have you?

My solicitors .. have noticed that there was no parking space ....

I don't know (but am trying to find out) if the valuation included a parking space or not ....

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? 

You have not yet purchased the property. The HA has not yet sold the property. So no 'mis-selling' can have happened.

You've instructed and paid a solicitor to make checks and legal searches, advise you of the results, and complete the transfer into your name should you be satisfied by the checks and advice they provide. They've done you a good job, well worth their fee.

Now the choice to withdraw, proceed, or re-negotiate is yours.

Conquest19

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)

The HA will check for cars that are allowed to park in the 'secure space'.
Zero chance you will ever rent it out.
Otherwise everyone will be doing that and be making £££.

saajan_12

Montana17 said:

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!

Any losses like this ^ relating to value of the parking space, future rental income etc, aren't relevant since you found out before exchange. You can mitigate those by renegotiating or pulling out of the purchase. 

There's no contract to sell at this stage.. so at best is mis-advertising, which has cost you the conveyancing costs upto this point. It would be reasonable to check the lease at an early stage, so that shouldn't be huge. 

Montana17

Montana17 said:

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!

As an edit:
- as people have said, I've not committed to the purchase but am invested about £2000 in fees so far.

 - yes I'm aware I wouldn't technically be allowed to rent the space but it's a small block where you could get away with it, but regardless looking online it seems having secure parking could add 5-14% value to the property and this may well be more by the time I sell - I have a friend in a shared ownership block and he had to pay an additional £15,000 for his parking space so l thought I was getting that included.

I have asked for a reduction but as others have said shared ownership sales are based on an independent valuation so I would have to investigate if that said the parking was included in the price. So it's just a very frustrating situation! I'll update if I manage to get anywhere with it!

[Deleted User]

My son is buying a resale SO flat 
his parking space cost an extra 10k 
I think he has separate deeds for the space