Hi Everyone!
Could you please share your experience on buying a shared ownership flat?
Recently, we found an ideal shared ownership flat and made an offer slightly higher than asking price, as the vendor said she is leaving the country and it’s effectively chain free. So we assumed that she will want to leave some of her stuff behind and we wanted to make a deal. Obviously we believe d that the RICS valuation won’t be changed. But it turned out, the vendor managed to get another valuation report done just after we made an offer, reflecting the initial higher bid of ours(!) which resulted in higher RICS market value than the original.
We were dumbfounded! Can this shared ownership flat RICS market value can be changed by a prospective buyer? We thought when it comes to selling & buying it, it’s fixed and you can only sell or buy the % you own the property. What is more, the housing association seems to be easy about it, when we asked for a clarification. It’s very confusing , from all the information about Shared ownership policy we read clearly says the agreed price is no more than the RICS valuation.
Have you guys had any thought on this?
Now the vendor has itemised all furniture with price for remaining , on top of the price we made an offer. 