Selling house back to council

Tiger_greeneyes

Has anyone had any experience of doing this?

Do councils usually pay the market value and what should I expect?

Thank you...

DullGreyGuy

Check what your council states, ours claims they pay full market value as long as either its freehold or its leasehold and the council is already the freeholder. 

What they dont state is how market value will be determined. 

Tiger_greeneyes

That's good thank you. I used to work with building surveyors. The usual ways of determining market value is three estate agents value the property or that a surveyor would need to provide 'comparables' - ie proof of similar houses in the area sold recently for a similar price.

Handy to know so you don't get ripped off.

theartfullodger

Councils, like all other (not completely mad) purchasers always pay as little as possible.  Why would you expect otherwise?? (In particular as a council tax-payer..)

Tiger_greeneyes

theartfullodger said:

Councils, like all other (not completely mad) purchasers always pay as little as possible.  Why would you expect otherwise?? (In particular as a council tax-payer..)

Why wouldn't you expect councils to offer you less, hoping you might need to sell quickly? Other companies do it, offer you a lower rate in exchange for a fast purchase.

Maybe I'm just old and cynical these days!

njkmr

But dont expect a quick service, it will take as long as it takes.
They will still do all the checks a normal buyer does and possibly more.
I sold 2 to a Council and it took from Sept to December for one of them and Sept to March for the other.
Its not simply a cash buyer, they still have to satisfy several departments that its value for money etc.
These were not from right to buy i will add. Just private sales.

Tiger_greeneyes

Excellent advice, thank you