Hi all,
Just got the valuation on my affordable house back from the surveyor. The house is in Phibblestown Wood, Ongar.
He has valued it at 380K, whereas the council has valued it as 410K.
Anyone else got their valuations and challenged it with the council or the AHP?
Thanks,
Eims
Can somebody explain what these valuations are for? Are affordable houses not generally new builds so the value should be the purchase price? Or in this context are we talking about people selling on an calculating the clawback penalties or something?
Thanks - that clarifies matters alright.We're talking about the market value that the council are quoting us for affordable properties. Noone is questioning the purchase price (eg: the price paid by the affordable house applicant). But we are questioning the market value upon which the clawback is calculated.
What, if anything, does the relevant agreement say about arbitration on such issues?To quote literature received from Fingal County Council clawback is set at 'time of sale and are based on the sale price and market value price of the property'. However the market value seems to be calculated a long time in advance of 'time of sale' and is over valued in the current market.
Many people seem to be unaware of the implications of clawback on a property that is overvalued, while it is a deal braker for others who genuinely want to buy under the scheme - and that's without any interest in profiteering.
Thanks - that clarifies matters alright.
What, if anything, does the relevant agreement say about arbitration on such issues?
Cheesus
I think when they refer to 'time of sale' they are referring to price the builder is receiving (add back discount for bulk purchase), which the council agreed to. .
Hi Cheeus
I'm finding the whole process a little frustrating, I've quoted the act on phone & in writing but can't get a clear response. .
What does your solicitor advise?Holding deposit just supplied so no agreement yet. I'd be interested to hear what it says in the agreements of others - also do Councils differ?
Only very basic pre-application info is available.
What does your solicitor advise?
He has valued it at 380K, whereas the council has valued it as 410K.
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