Right to buy valuation query

jorainbow1

Probably a simple answer but I have never bought a property! I am considering buying my home on the RTB scheme and as my home is one of only three on a private estate, does the state of the property come into play with a valuation? My partner is a builder and there are issues with the roof tiles/pointing/damp etc which the Housing people have avoided but which he could rectify. Structurally it is sound. Are things like this taken into consideration with a valuation? Recent properties in the area have gone for circa 160K but have been well-maintained, have garages/conservatories etc. Sorry if this is an obvious question!

lincroft1710

From memory, any items in need of repair should be reflected in the valuation. If you think the valuation is too high, you have a right to re-determination by the District Valuer, part of HMRC's Valuation Office Agency.

Mokka

If you are thinking of buying a house you should always get a proper survey done. You can use this survey to re-negotiatie the price of the property (most likely you would have to go through DV to do this).
What does not count towards the RTB valuation is the state of the internal decoration, the RTB house will be valued as if it was in good condition, no matter what it's actual condition. This is because council tenants are responsible for their own internal decoration.

fablanta

Mokka wrote: »

If you are thinking of buying a house you should always get a proper survey done. You can use this survey to re-negotiatie the price of the property (most likely you would have to go through DV to do this).
What does not count towards the RTB valuation is the state of the internal decoration, the RTB house will be valued as if it was in good condition, no matter what it's actual condition. This is because council tenants are responsible for their own internal decoration.

Things are different with an RTB property. When you submit your initial RTB1 form you have to tell them what improvements you have made at your own expense, these are then deducted from the valuation before you get your offer price. The only way to change it if you think it is wrong is to ask for it to be reappraised by the District Valuer. The DV can assign a lower or even higher price. Whatever s/he decides there is no negotiation allowed, its take it or leave it.

Accepted wisdom on this is to get any repairs/improvements done before you make any inquires or submit your application as after they know you intention to purchase, any work you want doing afterwards, apart from emergencies, will be quietly ignored. So before you hand in your application GET THESE PROBLEMS SEEN TO.

If it is too late and they already have your application I would write the valuer a letter (don't forget to include your address) setting out the problems with the property and hand it to the valuer when s/he comes as there is a good chance they will do little more in their 15 minute inspection other than to measure the size of the rooms. Checking for things like damp will be entirely outside the scope of their inspection so they cannot take it into account unless they are told about it.

Mokka

fablanta wrote: »

Accepted wisdom on this is to get any repairs/improvements done before you make any inquires or submit your application as after they know you intention to purchase, any work you want doing afterwards, apart from emergencies, will be quietly ignored. So before you hand in your application GET THESE PROBLEMS SEEN TO.

The repairs are not 'quietly ignored'- everything during the RTB process is (or should) be done according to the Housing Act Part V, which suspends the council's duty to do any, but the serious emergency repairs.

emilybean

It is taken into consideration.. or was with my relatives HA anyway.

jorainbow1

Thank you for your comments - have only just accessed the forum again! I haven't got the form yet (still waiting for a phone call!). I have made improvements to the garden (laying a flagged and decked area/re-fencing etc, and replacing kitchen worktops so will mention these things. The damp they keep saying is a condensation problem though my very experienced chap (builder) has looked and advised it isnt so I will highlight that.