Right to Buy Sceheme - COVID-19

Makkie_2

Hello MSE,
I hope you are all well in the pandemic we are in.

I was wondering if anyone could provide any advice to me in regards to the below situation please.

I currently have a right to buy application submitted which was completed in April, we received our S125 in April 2020, this valuation was before the pandemic and we do not agree with it. We spoke to the Right to Buy Scheme help line and they have advised that if we request the district valuer to re-valuate the property s/he will value it on the date of our application submission rather than what is happening around the country / with the economy etc. 

Is it advisable to cancel the application and re-submit? In my personal opinion, it makes no sense for me to cancel the application and re-apply just so the valuation can be provided during / after the pandemic and even the district valuer should taking into consideration the pandemic rather than what was happening during our application submission. I am aware there is legislation in place but it makes no sense. We provided a counter offer but this was declined as counter offers are not accepted.
Any advice on what I should do please?

Thank you.

Slithery

Your options are to continue at the agreed price or pull out.

FtbDreaming

As slithery says accept or pull out. I put in an application in 2017 and it was valued at £83k I turned it down. I’m now buying for £82k after reapplying in October 2019. In that time I’ve paid £13k in rent so I really wish I’d just gone ahead in 2017

Makkie_2

Slithery said:

Your options are to continue at the agreed price or pull out.

Thank you for your replies however I am seeking advice on the situation that we are in across the country and the world. Several respected companies (and the Bank of England) have advised of a fall in price due to the pandemic however as I put my application in April 2020, if I requested the district valuer to re-evaluate the value of the property, he would do it from April and not the current situation we are in.

So my options are;
1) Request the district valuer to re-value the property (his/her valuation is final)
2) Withdraw and re-apply now so that the pandemic can be taken into consideration
3) Accept their valuation (which we wouldn't as they valued it too high - we requested our own valuation and it was a difference of 15k.

Thanks

davidmcn

April was only 19 days ago. I doubt there's going to be enough evidence from comparable properties to show any change since then.

Makkie_2

I have been advised that if I request for a district valuation, it can take up 3 months.
I think what is best is that I will request for the district valuation and see what they value the property at, at the time they revalue the property (in 3 months), we should have an idea on the impact of the pandemic on house prices, so will withdraw at the time we receive the 2nd government valuation or accept and continue.

The district valuer will value the property on how the market was in April. In 3 months, we should have a solid idea on the impact on house prices. So from there, I can either accept the valuation or, if there's major impact 10%+ on the property prices, withdraw and re-apply at that time. Good idea?

onetimeatponycamp

Personally I would pull out and postpone. If you get the valuer that’s another 3 months and the value is at what it was when you applied so likely to be more than you’d want. Then if I ou pull out then you have to start the process all over so presumably another 6 months minimum. If you pull out now and wait until you have a clearer picture of the market you can reapply then.