Right to buy - overpriced house ?

j69ant

Hi,

I friend of mine has applied for the "right to buy" his council property.

They sent a local estate agent out before Christmas to value the property.

He received the valuation a few days ago. However, the estate agent has valued the house at a VERY high price compared to other ex council houses that are for sale on the same street ! The price they have stated is £10k - £12K higher than any other houses on the road.

I wouldnt even say the house is in a tidy state. The council have provided "basic" maintanance in the past 30 years, so it needs £10K spending on the house.

He has discussed this with the council, but they say that is the price they have to work off.

I did read on a previous post, that he is entitled to request a second valuation ?

I did suggest he pays a independant 3rd party to give an evaluation.

Does anybody know if the council will accept this ?

Thanks

DVardysShadow

He should go back to the council and ask them to tell him the process for challenging a valuation. In writing. There will be a process, but if you ask that question over the phone, you are inviting a fobbing off.

Fire_Fox

You should be looking at land registry sold prices as well as for sale prices.

squinty

The procedure should have already been explained by the council.

If he is unhappy with the price offered he can ask for a second valauation to be carried out by the District Valuer (who is independent). However, the decision of the DV is binding on both parties. So even if the price is higher than the original valuation he must stick to it.

theartfullodger

Isn't he pleased his place is worth more than he thought?? Presumably the discount will be more £££ than he expected?? Lucky man..

Cheers!

Lodger

blckbrd

Your friend would be wasting money employing an independent valuer.

Following receipt of the s125 Landlord's Offer Notice, your friend has 12 weeks in which to request a determination by the District Valuer. Whatever valuation is made at this stage will be final and could be higher than the original.

Right to Buy info here: http://www.communities.gov.uk/documents/housing/pdf/138178.pdf - valuation info from bottom of page 30.

clutton_2

""Isn't he pleased his place is worth more than he thought?? Presumably the discount will be more £££ than he expected?? Lucky man""

indeed......

VIGILANT22

j69ant

I would be very surprised if the council instructed "a local estate agent"...it will have been a qualified surveyor (RICS)

If your friend agreed to go ahead with the purchase, the lender he applied to would instruct an independent valuation...they will also be RICS qualified....