We found the house we r buying is ex-council just a week before exchange. What to do?

patfunk9

We are FTBs and really nervous about buying a new house as we are putting a lot of our savings in this and also it is a big commitment. We liked this property in an up and coming area of Birmingham. The property is a good sized 3 bed semi-dethatched with good front and rear gardens. We put in an offer that was accepted and was slightly lower to the asking price. The price we got I think is good for the area.

Since then we have had the Homebuyer's report done and there were a few minor things, which we spoke to the seller about and he knocked off another £1000 off the price, as he did not want to go through the hassle of rectifying the issue. We gladly accepted it.

Now that we are close to exchange of contracts, I have just found out through a conversation with the agent that it is an ex-council house bought from the council in early 80's. Also, that triggered something in my mind to check the area a couple of streets away where there is definitely a row of council owned flats. Statistically I checked the specific area and couple of streets around the property and found that around 35% of the properties in that area are still 'rented from the council'. However, the street our property is in, have very few properties on it and don't seem to have any council properties immediately around. But just a street across there are a few block of council flats. So I think the reasonable price initially was because of the proximity of this estate and also it being ex-council.

But now I am contemplating on this, I am afraid that we may have been hasty, with the market moving quickly, and probably could have negotiated a better price. Now in the light of this new information, do you think it is worth negotiating the price down further? We still like this place, but am worried about the resale ability potential and the future price ceiling due to the surroundings and hence the renegotiation. And if so, what would be the best way to approach this?

Thanks in advance for all your advice.

libf

So what if it was once a council house...? Either you like the house enough to pay what you're paying, or not. It's a house, not stocks and shares.

bouicca21

You like the house, you like the street, what's the problem?

patfunk9

I am thinking this because of the proximity of the council estate to this property and also the resell potential in the future due to this.

Guest101

I'm lost too


Where's the problem?


Having a council estate nearby is a problem because?


(OP you cant catch 'poorism')

fuzzyduck22

patfunk9 wrote: »

The price we got I think is good for the area.

Since then we have had the Homebuyer's report done and there were a few minor things, which we spoke to the seller about and he knocked off another £1000 off the price, as he did not want to go through the hassle of rectifying the issue. We gladly accepted it.

Don't think you have to do anything Enjoy your new home

natrapx

Where in Brum is it? Have you checked crime maps etc. if you're that worried?

fairy_lights

If you couldn't tell there were council houses nearby when you viewed the property then presumably it's not a Jeremy Kyle type estate with old sofas dumped in the front gardens and piles of burning tyres...so whats the problem with having a council estate in proximity?

looknohands

Just from my experience...

I grew up on a council estate in the 90s, when I lived there it was a little rough and most of it was largely council owned up until late 90s, now it's probably around 30% council owned. My Mum is one of a couple of council tenants still left on her road out of around 20 houses and she is in her 50s. She looks after her house and has a lovely garden, probably the nicest on the road! As people started buying houses our family was never excluded, all my mums friends owned their houses and everyone integrated and it's as nice as the private estates around the same area.

All the houses there are increasing in value now, lots of young families move into them as they are spacious and usually have big gardens and are fairly modern compared to crumbly terraces, the resale is great as the local schools are the same as the private housing areas, but the houses are cheaper.

Have you had a walk around, is it that bad? I think sometimes ex-council becomes more desirable as they're cheaper but still spacious, could you have bought a private house the same size in 'better' area of town? Understand it's a concern and obviously each council estate will be different.

tomtontom

I think you should stick to renting OP. That way if you find out there is any social housing, or god forbid, people claiming benefits, in a five mile radius you can move very quickly!

patfunk9

Thanks all for the prompt responses. I understand what everyone is saying (including the sarcy ones), but when I checked the crime statistics and the demographic 2 street across, and there are a lot of instances of 'thefts' and 'anti-social behaviour' reported in the past 3 years. That is more my worry than anything else.