right to buy info required

homerfood

We are currently on the council waiting list for a bigger house as we need another bedroom. Unfortunately there is a serious lack of council housing where i stay. So we decided to stay put and buy our council flat and convert the attic into a bedroom. We are just about to contact the council to request the forms we need to buy it. I was just wondering how the council value the property...........does it go by the council tax banding e.g band B property between £25-37 grand or what it would go for on the open market at the moment?
thx for your replies in advance.
Helen.;)

lidlest

homerfood wrote:

We are currently on the council waiting list for a bigger house as we need another bedroom. Unfortunately there is a serious lack of council housing where i stay. So we decided to stay put and buy our council flat and convert the attic into a bedroom. We are just about to contact the council to request the forms we need to buy it. I was just wondering how the council value the property...........does it go by the council tax banding e.g band B property between £25-37 grand or what it would go for on the open market at the moment?
thx for your replies in advance.
Helen.;)

Open market value minus discount

Bargain_Rzl

Council tax bandings are based on the value of the property at 1st April 1991 (properties built since then are banded on the basis of what their value "would" have been at the time, i.e. the banding of equivalent properties). The specific values used for council tax bandings therefore have absolutely no relevance to the current value of your house.

homerfood

Many thanks for you replies, much appreciated.
Kindest regards,
Helen.
:A

needaspirin

The price is the market value of the property minus a discount.

The way in which the discount is calculated depends on whether the tenant is buying a house or a flat. The basic discount after two years is 32 per cent of the purchase price for houses and 44 per cent for flats and maisonettes. There is a discount for each year after the first two years. If the tenant is buying a house, the extra discount is one per cent for each year, up to a 60 per cent maximum for a qualifying period of 30 years or more. If s/he is buying a flat or maisonette, the extra discount is two per cent for each additional year, up to a 70 per cent maximum for a qualifying period of 15 years or more. However, the discount figure can never exceed the regional limit.

There is a maximum amount of discount for any type of property which varies throughout the country. In some local authority areas (mainly in London and the South East), the limit is £16,000. Otherwise, the regional upper limits are:
East Midlands £24,000
Eastern £34,000
London £38,000
North East £22,000
North West £26,000
South East £38,000
South West £30,000
West Midlands £26,000
Yorkshire and the Humber £24,000
Wales £16,000