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Friday 28 November 2008 10.38pm
does anyone know what effect the downturn in the housing market is having on shared ownership properties? in particular i am thinkng about when "staircasing" upwards. are housing associations lowering the valuations as much as the regular market is falling?
Sunday 30 November 2008 10.56am
Housing associations don't do the valuations when it comes to staircasing, its done by surveyors.
I'm with Tower Homes and they sent me a list of recommended Surveyors for revaluation before staircasing. My solictor advised that the surveyors they suggest will be working for them and likely to overvalue in thier favour so its better to find your own surveyor who will work for you and give a realistic valuation. Tower tried to say that I must use a surveyor from thier list but my solicitor pointed out that my lease states that the revaluation has to be done by an independant surveyor so I can choose anyone.

Before I bought they gave me a list of recommended solicitors with experience of shared owenership but I shopped around and found one not on thier list who has plenty of experience of shared ownership and turned out to be very very good. So good I was first to complete and get my keys even though loads of other people had been allocated thier flats months before me.

The people in the flat downstairs from me staircased to 100% last year and first of all used a surveyor from Towers list who valued it a 20,000 more than they expected but they protested and found thier own surveyor who valued it realistically and they fought thier corner and bought the rest at the 20,000 cheaper price.

I havent revalued yet and Im expecting prices to keep coming down over the next couple of years so it should be cheaper to staircase.

Are you shared ownership bouroughmark?
TAK
Sunday 30 November 2008 11.51am
beingjdc wrote:
Yes, though apparently it's in good condition but needs a new kitchen. Actually what happened, having checked, is that it sold new-build for 170k to a flipper in 2005, who somehow managed to get 210k for it last year, I imagine from a buy-to-let numpty.

It was a new build in 2005 but already requires a new kitchen -3 years later???
Sunday 30 November 2008 1.35pm
TAK wrote:
It was a new build in 2005 but already requires a new kitchen -3 years later???

Apparently so. Maybe a tenant ruined it?

Meanwhile on the fundamental point, here we go.

http://www.guardian.co.uk/business/2008/nov/30/house-price-index-market-value

A spokeswoman for the Land Registry said: 'Repossessions are excluded as they are "commercial" sales and do not represent full market value.
Monday 1 December 2008 2.19am
I'm shared ownership.

I tried to staircase up about three years ago.

My Housing Association sends the borough surveyor round for which I paid.

He asked if I was buying or selling because it affected how much he priced the flat at. I told him that when I bought the place the HA told me whether I bought or sold it would be at the fair market value, where did this two price thing come from? He would not tell me or tell me if it was going to be more if I bought and less if I sold to the HA which must be the case or why hide it?

When I got the estimate (high in my view) I was also informed that my rent, instead of going down as I was told when I bought the place, would be re-assessed at the new value and would actually go up slightly if I bought another share. I was not told this when I bought and nor is it in any of the advertising I regularly get through my door from the HA.

This made it impossible for me to buy a share because I was always told the rent would go down if you bought another tranch, not up, and I backed out.

I still had to pay 300 for the surveyor.

Is this normal?
Monday 1 December 2008 12.54pm
I dont like the sound of that two price thing.

And when it comes to staircasing I've only heard negative hassly situations from other people.

My solicitor told me that housing associations dont want you to staircase and will do what they can to make it difficult and prohibitive.
Monday 1 December 2008 2.47pm
Is that a solicitor who specializes in sorting out Housing Associations over stair-casing?
I don't suppose you could give me his name?
Tuesday 2 December 2008 9.30am
beingjdc I have just seen that article and was about to post it here, as it shows we were both right.

For you were correct that auction sales are excluded, but I was correct that auction sales are not sales under a court order.

The LR utilise a very unconvincing analysis - that repossessions are commercial sales. If they followed their own guidelines, then I would be right...
Wednesday 3 December 2008 4.37pm
Davies wrote:
Is that a solicitor who specializes in sorting out Housing Associations over stair-casing?
I don't suppose you could give me his name?

James E Barnes 020 8810 7100

If you google him you get someone complaining hes rubbish but dont let that put you off I thought he was fantastic.

I had researched shared ownership for years before I finally went ahead but he still insisted on spending plenty of time explaining all the ins & outs and he did highlight a few things I hadnt picked up on.
Thursday 4 December 2008 4.39pm
one bed flat on Chaucer drive 2nd floor, in 2003 - 120K - back in 2006/2007 probably somewhere in region of 180-200K (new kitchen, and new shower).

what do you suppose the current market value would be - would it be worth trying to move up to a 2 bed flat now, while prices are lower?

presumably sale price now would cover the 90K mortgage left.
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