RTB info

kdalwayskint

I can't find what I'm after in the forums.

We have started the process of right to buy.
So far:

• we've had our RTB2, confirming that we are allowed to buy our property, purchase price based on the market value date 13/09/19
• the property has had a valuation but haven't heard how much as yet
• boundary inspection, not been contacted as yet, does anyone know if they would just come and do it or if they should contact us first?
• Energy survey has been carried out, again not heard anything since

Is anyone else going through or has been through the RTB process?

Do you know if we get everything back in a bundle or if we should expect to hear back from each individually?

Also, looking for mortgage advice if anyone can point us in the right direction?

Thanks in advance

kdalwayskint

In answer to one of my questions yesterday, it all comes bank in a bundle!

Now I have a new question!

What do we do if we think the valuation is too high? The market value has come through at £225,000 we were expecting it to be much lower, with our discount applied it comes out at £142,200, which is nearer what we thought the market value would be

We are both 47 so we've only got about 20 years for a mortgage, I don't think we're going to be able to buy our property

Does anyone have any words of wisdom?

gary83

By my quick maths after your discount has been applied you were expecting it to be around £90,000, not the £142,200 it's been valued at after the discount. why did you think it'd work out so much cheaper? Have you checked recently sold prices of similar local properties? Do you have a deposit for the house or were you planning on using the RTB discount as your deposit? Has it had any major works done recently, or will they need doing in the future?

HampshireH

Thats quite a big difference in the two values, your expected and the given one.

What was your belief of the cheaper one based on?

For it to be so far off is quite unusual

-taff

Have you checked sold prices on rightmove for similar properties? To be honest, if you're still in wilts, that seems normal for a 3 bed and on the low side for a semi.

Norman_Castle

https://righttobuy.gov.uk/apply/your-offer-letter/

comeandgo

You should be able to get a mortgage for more than 20 years, we had one for age 75.

pinkshoes

Why do you want to buy it?

You would be giving up a secure tenancy, low rent, no maintenance etc... and then have to pay a mortgage and become responsible for all maintenance on the property.

It seems crazy!!

chunkytfg

pinkshoes wrote: »

Why do you want to buy it?

You would be giving up a secure tenancy, low rent, no maintenance etc... and then have to pay a mortgage and become responsible for all maintenance on the property.

It seems crazy!!

Plus of course if it is a flat the possible massive S20 notice telling you you've got flammable cladding or that your lifts need replacing etc etc. Please pay us 50K so this work can be done!

kdalwayskint

Thanks guys for your responses.

We were expecting the price to be lower as next door sold for £180,000 recently.

I'm emotionally attached to the house (silly) as I lived here with my mum in my early teens until I moved out in my 20s we did a swap almost 10 years ago.

We wanted to buy so that we could add a small extension for a dining area and change the bathroom a bit.

We know that any maintenance is taken care of, just not in a timely fashion from experience!

Oh well! It was disappointing when we opened the letter, we might buy a new sofa with money we have saved.

McKneff

#For what its worth, I think you are being very wise.