Buy Back of ex Council House

AdrianC

emmadv05 wrote: »

Yes its been over 5 years since I purchased property
So asking for the full market value

But less than 10, and do you still have the "first refusal" clause?

emmadv05

Yes council have first refusal.

But they told ma after 8 weeks they didn’t want to buy then changed their minds 2 weeks later.

So I believe I could put the property back on the market?!

AdrianC

emmadv05 wrote: »

Yes council have first refusal.

Ah, there y'go, then. And for how much longer?

But they told ma after 8 weeks they didn’t want to buy then changed their minds 2 weeks later.

Which is probably within their rights.

So I believe I could put the property back on the market?!

What do the actual Ts & Cs say?

emmadv05

AdrianC wrote: »

Ah, there y'go, then. And for how much longer?


Which is probably within their rights.


What do the actual Ts & Cs say?

The landlord must reply within 8 weeks to say if they want to buy back. Otherwise you can sell to anyone. «!Gov website!»

elsien

I think you need to look at your own paperwork for your specific purchase rather than a generic answer off gov.uk.
What does that say?

AdrianC

Looking at the explanatory notes pertaining to the legislation, I think the OP may be in the clear.

https://www.legislation.gov.uk/uksi/2005/1917/note/made

The recipient of an offer notice has a period of 8 weeks in which to either accept the offer itself, or to nominate another person to accept the offer (Regulation 6). If a recipient of an offer notice wishes neither to accept an offer itself, nor to nominate another social landlord, then it must serve a rejection notice upon the owner (Regulation 7).

The only persons who can be nominated to accept an offer are the social landlords specified in Regulation 8. Before a social landlord can be nominated, they must have confirmed in writing that they wish to accept the offer by nomination.

If no social landlord accepts the offer within the 8 week time limit, then the owner is free to dispose of the property as he sees fit. However, if the owner has not done so within 12 months, and then subsequently wishes to dispose of the property, a fresh offer notice must be served (Regulation 9).

The social landlord must enter into a binding contract for the purchase of the property within either 12 weeks of accepting the offer, or within 4 weeks of receipt of a written notice from the owner saying that he is ready to complete the transaction, whichever is longer. If this time limit is not complied with, then the owner is free to dispose of the property as he sees fit (Regulation 10).

Norman_Castle

If you cannot agree a price use the district valuer. They may be interested in buying the property but if outside the 8 weeks you may be able to sell on the open market and no longer obliged to sell to them although they are still welcome to buy at a price you agree to.


https://www.gov.uk/right-to-buy-buying-your-council-home/selling-your-home

Norman_Castle

theartfullodger wrote: »

So you want to hold onto almost all of the tax-payer funded discount you took when you purchased?

For the avoidance of doubt I am merely asking, in no way criticising.

For the avoidance of doubt you are criticising, not merely asking.

da_rule

If you have a letter stating that they don’t want to buy it and that they aren’t nominating another social landlord to stand in their place then you’re good to go.

The only issue may be that the letter is only valid for 12 months so, depending on how quickly you can sell it, you may have to get a new certificate from them.

The process is, usually quite straightforward:
1) You issue a notice to them offering them the property and containing all of the information required under the statutory regulations (which I assume you did this time);
2) Within 8 weeks they either refuse or accept the offer (failure to reply is a refusal);
3) If the offer is refused then you have 12 months to sell;
4) If the offer is accepted the council must buy back at market value. If you cannot agree market value then you should, under section 158 of the Housing Act 1985, request the valuation to be undertaken by the district valuer which is then binding.
5) The council has 12 weeks from issuing the acceptance notice or 4 weeks from you serving them notice that you are ready to complete (whichever is later) to enter into a contract for sale. Any time spent with the matter being referred to the district valuer is disregarded.
6) If the council does not enter into the contract then you can dispose of the property however and whenever you like (the 12 month rule does not apply).

00ec25

emmadv05 wrote: »

Before I put the flat on the market I had 5 estate agents look at the property and they all priced between 200000 and 225000.

The landlords themselves are selling 1 bed flats 1 mile from my property for 210000..

no, the agents said they would advertise the property in those price ranges, they did not say they would sell at those prices

asking price is not selling price

buyers expect to pay less than asking price and in many (not all) cases they will actually buy for less than asking price

what are the actual prices PAID for properties identical to yours - look it up on Rightmove etc and then you have empirical grounds to complain about "under" value