Chit Chat
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08 Mar 15
15:32
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31 Jan 09
Pretty naive about this sort of thing so apologise if seem bit simple 
Basically my partner and i purchased a house using a buy to help scheme in dec 2011.We got a 75% mortgage with the company who built the house putting in the remaining 25%.The house was £125000 meaning the company put in £31,250 which we have 10 years to pay.We were told if the amount is paid in first 5 years then the total we pay back would be the value of the house at the time of purchase then after that on the value of the property at the time ,which turned out to be a lie and when we pay the money back it is the value of the house at the time of paying.
Anyway the house has been valued at £140000 meaning we would have to pay back £35,000.Problem is when we contacted them to say we would like to pay them back there 25% they have told us they would like to send up to 3 surveyors out(at our cost obviously) to see what they think its worth and then we can look at "negotiating"a price.Surely this is a load of bol locks.
Anyone have any idea if this is normal?Any replies would be appreciated
Basically my partner and i purchased a house using a buy to help scheme in dec 2011.We got a 75% mortgage with the company who built the house putting in the remaining 25%.The house was £125000 meaning the company put in £31,250 which we have 10 years to pay.We were told if the amount is paid in first 5 years then the total we pay back would be the value of the house at the time of purchase then after that on the value of the property at the time ,which turned out to be a lie and when we pay the money back it is the value of the house at the time of paying.
Anyway the house has been valued at £140000 meaning we would have to pay back £35,000.Problem is when we contacted them to say we would like to pay them back there 25% they have told us they would like to send up to 3 surveyors out(at our cost obviously) to see what they think its worth and then we can look at "negotiating"a price.Surely this is a load of bol locks.
Anyone have any idea if this is normal?Any replies would be appreciated
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How did they get away with lying then? What they said verbally is different to what was in the contract which you presumably signed? That is sneaky but unfortunately with house buying you are dealing with the triumvirate of @rsehole professions.. Estate agents, solicitors and bankers. Except in your case you had the govt and house builders too. If they were telling lies wholesale must be others in the same boat. In summary... Try Watchdog.
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You only need to appoint one surveyor to do the valuation.
The builder will provide you with a panel of three or four firms and you can choose. You will need to pay but the valuation is independent. I have done a few of these recently and the builders have actually lost money. |