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Shared ownership negligence from surveyor?

(4 Posts)
Beetlebum82 Wed 18-May-16 22:01:52

Hello all - bit of a complicated situation below but any advice very very welcome

I bought a shared ownership property in 2008 - what a mistake! It was valued at £125000 and I bought 50%.
Have been trying to sell the property for 18 months now, had a RICS valuer say that we could market for £105000 but be prepared to negotiate down. 18 months, very little interest. Valued this week at £80- £85000 for the full 100%. This makes my 50% share worth £40000 or £42500. The property since 2008 has lost between £40000 - £45000 of its value!!!!

I can take bad news I'm a grown up. That seems like an insane loss of value in 8 years. I feel suspicious of the original value but hindsight is 20/20. I guess my questions are:
- any chance of looking into negligence or surveyor after 8 years?
- shall I try to buy outright at £80000 and ask mortgage lender for permission to let (don't have enough £ to go straight to buy to let) or shall I take the personal debt to sell - probably going to owe approx £7000 but i will be free.

Sorry for the ramble, I'm sick to death of it all x

Lonecatwithkitten Wed 18-May-16 22:22:54

The month of valuation in 2008 is an important piece of information. The market was crazy in the first part of the year and then the disaster happened. I have a property that was devalued by £25,000 in just 30 days between June and July 2008.

Beetlebum82 Wed 18-May-16 22:28:59

I think it was up for sale in March 2008 and we completed on July 4. Oh dear!! I had no sense about me then at all. Ive got a good job now but feel so stuck and unhappy where live sad

tigerdick Thu 19-May-16 04:14:02

If you can afford it and it's likely to rent, I'd buy it outright and wait out the price drops.

Sidenote: I'm a SO myself and I've noticed that when other SO flats in my building go on sale the surveyor used by the HA will UNDER value when they are selling and OVER value when they want to buy the rest. Make sure you get some independent quotes.

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