Right to buy valuation

rob3358

Having bought our council house in October '06', we had it valued at £145,500, with no major council improvements (no double glazing, old boiler/central heating), we thought at the time this was a high valuation, but was discouraged having a second valuation because in most cases the valuation would go against us and could be higher which we would have to accept.
A neighbour has today applied for a right to buy their house, which is identical to ours (same bedrooms semi det.) and have a valuation of £120000 and they have had major work carried out by the council (double glazing, new boiler/central heating system), I know house prices have come down, but £25000 seems a lot when you factor the improvements in. And that's before any discounts are taken into account.
My question is have I got any appeal which I can go through, as I feel a bit 'ripped off':(

Fire_Fox

Welcome! You cannot compare the value of one house now to the value of another house six years ago, you need to compare them to contemporary land registry sold prices for the street and area. What did your mortgage valuation come out at the time?

Plenty of areas prices have dropped by tens of thousands of pounds - my flat is worth around two thirds of the 2007 value. If you thought at the time the valuation was too high you should not have gone ahead.

rob3358

Hi thanks for the reply, my mortgage valuation was £109000, if you factor the improvements in, estimate of £5000/£6000+ than you are looking at a valuation even lower than £120000 which would be pushing £30000, I don't believe there've dropped by that amount in 6 years, yes in hindsight I should have got it revalued and pulled out if a higher figure, but you trust you get the best deal, I've since found out local authorities artificially over value properties to obtain as much for them and hope people don't appeal their valuations, it wouldn't be as bad if i have had the improvements done.

shark_DB

You were offered the place at a price which you freely accepted. The oppertunity to revaluate was before you bought. You can no more ask for a discount now than the council can come to you and ask for more money.

ruggedtoast

rob3358 wrote: »

Hi thanks for the reply, my mortgage valuation was £109000, if you factor the improvements in, estimate of £5000/£6000+ than you are looking at a valuation even lower than £120000 which would be pushing £30000, I don't believe there've dropped by that amount in 6 years, yes in hindsight I should have got it revalued and pulled out if a higher figure, but you trust you get the best deal, I've since found out local authorities artificially over value properties to obtain as much for them and hope people don't appeal their valuations, it wouldn't be as bad if i have had the improvements done.

They didn't overvalue it. They valued it at 140 and you paid 140. That's what it was worth. '06 was the peak of the market.

becominganobsessivesaver

I bought my house in 2006 for £128k, added a new heating system and bathroom, and have just sold it for £105k. Can I sue the people I bought it off?.......Oh wait no, that's life, it was our decision to buy!

This demonstrates how house prices really have dropped. You just need to stop thinking about the house as money, instead enjoy owning your own home!

Running_Horse

The nerve of some people.

gerkin

Blame the governments, both Labour and Conservative, for creating a sense of entitlement among the poor working class. Labour targetted them specifically for large scale handouts just to get the votes and stay in power.

ruggedtoast

Right to Buy. Making Ruggetoast's blood boil since 1980.

Fire_Fox

The problem is that whilst some see RTB as a chance for the family home to be truly theirs, too many just see ££££. For some it's all about the discount and are all aggrieved when home ownership is not the gravy train they expected. You only have to look at the number of threads we get from people wanting to buy someone else's council house to get someone else's discount. Councils and housing associations are usually good landlords, keep up with repairs and improvements, and they don't chuck you out unless sorely tested. Lenders are rather less tolerant.

Not a pop at the OP, a general observation.