First Time Buyer - Simple Right to Aquire Query

skint-sam

Hello, I am hoping someone can offer some help/advice please.

I have been given an offer on the Right to Aquire scheme offered for Housing Association tenants. They have valued the property at £140,000 (seemed quite a lot for a flat in the area I live) I have been given the Right to Aquire discount of £11,000 - so the offer price is £129,000.

Does anyone know if you can negotiate prices with a Housing Association? Namely, Hyde Housing Group. The flat is very much in need of modernisation and I don't think they took this into account. I was thinking of writing a letter or email to the housing office to see if they would drop the price by £5000 and accept £124000? or is the offer non-negotiable with a Housing Association? Baring in mind they don't really want to sell it anyway if they can avoid it!

Also as I thought the £140,000 valuation was high, would it make sense for me to get a private valuation done on the property? If that comes back lower it might help my case?

Thanks guys, Sam.

Cakeguts

If you think it is too high then forget the whole thing and buy a flat on the open market that is cheaper.

HampshireH

The answer is no. The discount is a set rate .

http://www.gov.uk/government/publications/right-to-acquire-discounts-by-location/right-to-acquire-discounts-by-location

HampshireH

Sorry pressed send before finishing.

So you can't negotiate the discount
As you have already had £11k discounted I wouldn't hold out for them negotiating but you can only ask.

What makes you think it's worth less? The valuation would take into consideration current state

AdrianC

skint-sam wrote: »

They have valued the property at £140,000 (seemed quite a lot for a flat in the area I live)

Does anyone know if you can negotiate prices with a Housing Association?
Baring in mind they don't really want to sell it anyway if they can avoid it!

I think you've answered your own question...

Also as I thought the £140,000 valuation was high, would it make sense for me to get a private valuation done on the property? If that comes back lower it might help my case?

It won't. They will have to conform to a set procedure to determine the pre-discount valuation. As you say, they don't want to sell it...

With your c.8% discount, your lower offer suggests that you feel comparable flats place the value of this one at £134k. So buy one of those comparables... They're only a (relative) snidge over the RtA price of this one, after all...

Lioness_Twinkletoes

A simple Google takes you to the Gov page which states:

If you disagree with the landlord's offer, contact your landlord and tell them why.

If you think your landlord has set your home's market value too high, you must write to them within 3 months of getting the offer and ask for an independent valuation.

A district valuer from HM Revenue & Customs will visit your home and decide how much it's worth. You have 12 weeks to accept their valuation or pull out of the sale.

lincroft1710

Lioness_Twinkletoes wrote: »

A simple Google takes you to the Gov page which states:

If you disagree with the landlord's offer, contact your landlord and tell them why.

If you think your landlord has set your home's market value too high, you must write to them within 3 months of getting the offer and ask for an independent valuation.

A district valuer from HM Revenue & Customs will visit your home and decide how much it's worth. You have 12 weeks to accept their valuation or pull out of the sale.

Which is the correct answer