How does a Shared ownership Valuation dispute come about?
Shared ownership schemes have this one common issue: Once it is time staircase, the valuation seems to rise than the surrounding properties in the neighbourhood and unfortunately there rarely seems to be much you can do about this. A shared ownership valuation dispute arises and therein lays the fruit in the pudding.
The issue is even more peculiar with shared ownership properties where the valuation should be even lower then the purchase price based on the negative equity new build mortgage holders are bound to face as the property price is more often than not smaller than the sale price.
So how then upon staircasing does the vale of a new build home then exceed the initial sales price when it was likely overpriced in the first instance
When you want to staircase (the process of buying more shares in your shared ownership property) your landlord will ask you to pay for a RICS valuation on the property.
The only card you have to play is to get an independent valuation from the district valuer but this may not always work in your favour. The worse part of the shared ownership experience is the fact that you are actually the one paying for the RICS surveyor but in some weird twist of fate they end up working in the interest of the Housing Association.
If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.
You can also contact the debt charity “Step Change” if you are in debt and need help.