Hi Folks,
I was wondering if anyone here has had any correspondence with Kildare County Council or any County Council with regard to valuations for affordable housing being vastly different from market value. To give an example I was offered an apartment under the affordable housing scheme with Kildare CoCo valuation at 320K however an independent valuation carried out for my mortgage provide put the value of the property at 285K. To be honest I didnt question it much as I was happy to be getting the apartment in the first place however I have now seen apartments of similar square footage in very close proximity (with a few hundred feet) to the one I am in the process of buying being offered at 245K.
To me this is a massive difference that cannot be attributed simply to location. I'm aware that there has been a dip in house prices but surely not to this extent? I signed the contracts for the sale back in May and for whatever reasons whoever was dragging their feet I am due to snag and hopefully close within the next few weeks.
As Ive mentioned I'm very close to closing on the apartment that I have been waiting months for but the thought of being saddled with a mortgage that is way in excess of what I could be paying coupled with restrictive clauses that are detrimental to me is enfuriating. I feel I am being royally shafted by a scheme that is supposedly affordable - how can they claim its affordable when the properties being offered are valued way in excess of current market value. Is there anything I can do at all or does anyone have any suggestions?
Davidium
I was wondering if anyone here has had any correspondence with Kildare County Council or any County Council with regard to valuations for affordable housing being vastly different from market value. To give an example I was offered an apartment under the affordable housing scheme with Kildare CoCo valuation at 320K however an independent valuation carried out for my mortgage provide put the value of the property at 285K. To be honest I didnt question it much as I was happy to be getting the apartment in the first place however I have now seen apartments of similar square footage in very close proximity (with a few hundred feet) to the one I am in the process of buying being offered at 245K.
To me this is a massive difference that cannot be attributed simply to location. I'm aware that there has been a dip in house prices but surely not to this extent? I signed the contracts for the sale back in May and for whatever reasons whoever was dragging their feet I am due to snag and hopefully close within the next few weeks.
As Ive mentioned I'm very close to closing on the apartment that I have been waiting months for but the thought of being saddled with a mortgage that is way in excess of what I could be paying coupled with restrictive clauses that are detrimental to me is enfuriating. I feel I am being royally shafted by a scheme that is supposedly affordable - how can they claim its affordable when the properties being offered are valued way in excess of current market value. Is there anything I can do at all or does anyone have any suggestions?
Davidium