Right to buy.... Is this a fair offer?

Elsie123456

Hi all, first post, so bare with me
I've been a secure tenant in a council house (maisonette and not housing association) since 2012. 

I put in an application for RTB in February 2019 and all was going well,  I got the offer, property is 80K, and with my discount at the time I was left to pay 38K. 
I went to a broker who got me an agreement in principle with one of the high street banks - they came to do their own valuation and said ''zero valuation'' but will not provide me with any reason or evidence as to why so that application was closed..

I went to another high street bank who came back with exactly the same thing. 

The whole process has been incredibly frustrating, not to mention costly. 2 reasons really,  it's meant that I've spent far more on rent than I would have compared to a mortgage, and also the delay has meant that my discount will have increased by 4% (6% by the end of June)

So I'm left with a few options, 
1) suck it up and continue to throw dead money when I could be on the property ladder
2) start over the RTB process and hope my added discounts are reflected in the asking price
3) ask the council to deduct a portion of the rent I've paid from their asking price. 

What are your thoughts about this? 

davilown

You need to find out why it’s had a zero valuation. Ask the lender.

1. You still need to live somewhere so rent not wasted.
2. Perfect, more money off.
3. Why should the council pay to house you?

dell12

Alot of lenders won't lend on homes with a high proportion of council-owned stock nearby. Your best bet is to speak to a 'whole of market' broker who will know which lenders are more flexible on things like this. It's also possible your house is of 'non-standard' construction which again many lenders don't like.

user1977

Why are you so keen to buy something which appears to be unmortgageable? Not much use being on the property ladder if you're going to end up stuck on the bottom rung.

Norman_Castle

Elsie123456 said:

So I'm left with a few options, 
1) suck it up and continue to throw dead money when I could be on the property ladder
2) start over the RTB process and hope my added discounts are reflected in the asking price
3) ask the council to deduct a portion of the rent I've paid from their asking price. 

What are your thoughts about this? 

1) Up to you. If you can afford to invest in property it can be better than renting.

2) Pointless if you cannot get a mortgage on this property. Any discount will be based on a current application so if you apply again the discount will be adjusted to suit the new application.

3) Not an option and why should they? They haven't delayed or prevented you from buying this property. They've housed you as a tenant for the duration so the rent is due.

Option 4, move to a property that is mortgageable.

Elsie123456

Thank you all for your comments so far,  I do want to stay here as I've grown up nearby and the school is very close and work too,  I'll have to find out the reason for this zero valuation... Seems like a good place to start