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Right to Buy - Cost Floor Confusion.
Getting_By_2
Posts: 51 Forumite
Hello.
I am in the process of RTB on a housing association (was previously council) property I have lived in since 1985. The RTB is the preserved kind.
I have had the offer sent to me but I have a few questions.
On the offer letter it says that the discount is 65%. I thought the maximum discount was 70%?
There is a 'plus cost floor provision' of almost £7k under the discount. Does this eat into the discount? When I take away the discount (65%) from the valuation I get the offer/selling price, so I am confused about this cost floor price and how it affects me.
Also, what is included in cost floor provision? Some websites say repairs only, some say modernisation and repairs. I have had a new bathroom and heating system recently which is probably max £3k work.
Is there a way to get a cost breakdown of the cost floor provision from the housing association?
Many thanks.
I am in the process of RTB on a housing association (was previously council) property I have lived in since 1985. The RTB is the preserved kind.
I have had the offer sent to me but I have a few questions.
On the offer letter it says that the discount is 65%. I thought the maximum discount was 70%?
There is a 'plus cost floor provision' of almost £7k under the discount. Does this eat into the discount? When I take away the discount (65%) from the valuation I get the offer/selling price, so I am confused about this cost floor price and how it affects me.
Also, what is included in cost floor provision? Some websites say repairs only, some say modernisation and repairs. I have had a new bathroom and heating system recently which is probably max £3k work.
Is there a way to get a cost breakdown of the cost floor provision from the housing association?
Many thanks.
0
Comments
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Did you google it?
https://righttobuy.gov.uk/apply/things-that-affect-discount-amount/
"You've been reading SOS when it's just your clock reading 5:05 "0 -
Some more info from Gov.uk, look at the calculator
https://www.gov.uk/right-to-buy-buying-your-council-home/discounts
But ultimately you can ask the HA for breakdown and why it isn't more in terms of discount"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
When you asked the housing association for clarification on these matters what did they tell you please? That's the obvious first step.
0 -
Thanks.
So cost floor includes maintenance and repairs or just repairs? I can't seem to find a definitive answer.0 -
Did you read the link I included?Getting_By_2 said:Thanks.
So cost floor includes maintenance and repairs or just repairs? I can't seem to find a definitive answer.
"on repairing or maintaining it.""You've been reading SOS when it's just your clock reading 5:05 "0
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