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Original poster

Getting my Shared Ownership valuation done this week

16 replies

Kingston32 · 10/10/2017 10:27

I recently posted about getting a valuation in order to staircase my SO home to 100%. This is happening in a few days.

Where I live is an absolutely crazy house market, and I'm keen to have as low ball a valuation as possible! Within ethical boundaries (i.e. being polite and friendly to the valuer, reminding him it is SO staircasing and pretty please find things to knock value off etc), is there anything else I can do to downplay things?

Fortunately/unfortunately for me one of the other houses in the same development has just gone on the market too (selling at 50% SO) so I may be stuffed, and not to mention my house is objectively better situated with better amenities.

Thank you for any tips or suggestions.

OP posts:
JoJoSM2 · 10/10/2017 10:45

A good valuer should look past the house being smelly, dirty or whatever would put your average buyer off. What might be convincing would be finding some comparables (ie very similar houses sold in the last few months locally) and giving that to the valuer to support your particular feeling about the genuine value.

gg44 · 10/10/2017 10:53

As a valuer I find it intensely annoying when someone tries to influence my valuation. The valuer will see straight through anything you try to do to affect the value as everyone tries to do it. The valuer’s responsibility is to the bank, and they are not there to do you a favour. Sorry to sound snippy, but there’s nothing that makes me roll my eyes like ‘casual’ comments about how good/bad the area or the property is.

Original poster
Kingston32 · 10/10/2017 11:02

Thank you!

@JoJoSM2 A good valuer should look past the house being smelly, dirty or whatever would put your average buyer off. What might be convincing would be finding some comparables (ie very similar houses sold in the last few months locally) and giving that to the valuer to support your particular feeling about the genuine value.
The only house comparable to mine is the one on the market right now - which might be useful as I honestly think mine should be worth a bit more given location, plot etc. None of the others have sold in years. And the non-SO ones in the same neighbourhood were built a bit differently and are outrageously priced Sad

OP posts:
Original poster
Kingston32 · 10/10/2017 11:07

Thank you for responding @gg44 your POV is very helpful!

As a valuer I find it intensely annoying when someone tries to influence my valuation. The valuer will see straight through anything you try to do to affect the value as everyone tries to do it. The valuer’s responsibility is to the bank, and they are not there to do you a favour. Sorry to sound snippy, but there’s nothing that makes me roll my eyes like ‘casual’ comments about how good/bad the area or the property is.

Gosh no, I wouldn't be bothering trying silly things like that! My plan of action - if 'plan' is even applicable for the vague wonderings I have - is to be pleasant and honest i.e. he knows and I know what it's for and is there anything I could show or tell him about the property that would be advantageous to me with regards his valuation. With please, thank you and a cup of tea thrown in while he measures up.

(It's not for the bank either - it's for the HA to formally draw up the contract for me to staircase the remaining %, but I get your general point Smile)

OP posts:
JoJoSM2 · 10/10/2017 12:28

Is there not property sold within a mile in the last year? Very surprising.

Original poster
Kingston32 · 10/10/2017 12:56

Yes, several have been sold, but none of the SO ones of the size I have. The private houses are a different design/layout so not really comparable or are not the same number of bedrooms.

But I guess that is the job of the valuer to work all that out! Grin

OP posts:
JoJoSM2 · 10/10/2017 13:20

Well yes. You don’t just compare SO to SO. They’ll look at the sq metres, garden, parking, if it’s modernised etc. A lot of different things cold into play.

Original poster
Kingston32 · 10/10/2017 13:31

Sorry, I didn't realise that! Blush
I've only ever had mortgage valuations before now, not a paid-for "proper" one like this.

It's quite interesting, from a detached/academic point of view.

But a bit hair raising when it's set to cost me money!

OP posts:
gg44 · 10/10/2017 18:56

You took my post very well! Sorry, I have just stopped breastfeeding and am having an attack of the hormones. A HA valuation is slightly different, you’re right. There is no harm in a cup of tea and a friendly chat.

JoJoSM2 · 10/10/2017 19:09

I hope it goes well for you. I just wanted to drop it in there that valuers are only people and I did have a shocking discrepancy on a property before. It was a straightforward flat in London and the first valuation came back really low. I challenged it, they sent someone else around and he valued it at 20% more...
I hope it goes smoothly for you but if you feel it comes back way off, then do ask for a second opinion.

blue25 · 10/10/2017 22:40

Interestingly, when I had the valuation for my staircase, the surveyor asked me what I thought the current value was and I kept quiet. I thought (knew) its value had almost doubled since I bought it. Weirdly he valued it at the same price I bought it at, which was great for me! I then sold it for double that price six months later. I still don't really understand why he valued it so low.

Original poster
Kingston32 · 11/10/2017 07:09

@gg44 You took my post very well! Sorry, I have just stopped breastfeeding and am having an attack of the hormones. A HA valuation is slightly different, you’re right. There is no harm in a cup of tea and a friendly chat.
Why wouldn't I? You took the time to give me your thoughts as someone doing the very job I asked about, and I appreciated that Grin

@JoJoSM2 I hope it goes smoothly for you but if you feel it comes back way off, then do ask for a second opinion.
Thank you! That's a really helpful tip!

@blue25 Interestingly, when I had the valuation for my staircase, the surveyor asked me what I thought the current value was and I kept quiet. I thought (knew) its value had almost doubled since I bought it. Weirdly he valued it at the same price I bought it at, which was great for me!
Well I can live in hope the same happens to me then! I shall try and keep my mouth shut! will pop a biscuit in it

OP posts:
Original poster
Kingston32 · 11/10/2017 07:10

One thing is - I won't get to see the report before the HA do. At best we'll get a copy at the same time but the valuer is actually contracted to them, I just had the pleasure of paying for it!

OP posts:
Original poster
Kingston32 · 16/10/2017 11:46

Well!

Valuation done and report already received. The chap was very nice indeed, and did his thing efficiently and well.

And it has come out very favourable to me too. He has fully justified why so I can't think the HA will quibble it, but it's a lot less than I was expecting so that's all good in my book!

Next stop, HA....

OP posts:
JoJoSM2 · 16/10/2017 12:09

Good news ;) Well, the value is what it is as long as it’s all evidence based. I don’t think the HA would challenge it to try and rip you off!

blue25 · 16/10/2017 18:29

That's great news! Hope it all goes through ok.

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