Do we take it or leave it?

Midastouch_2

We are living in a Housing Association property (3 bedroom house) and have a Right To Buy. We decided to buy. They sent out a surveyor and the offer has come through at £350,000 :eek: - we have a discount of £16,000.

We sourced around for similar properties before the offer came through to estimate how much it will cost and most properties on the private market, similar house, sell between £250,000 and £280,000 so we figured as it is social housing, it'll be a lot less.

How wrong were we :eek:

Even the bank reckons it's too much :cool:

So, basically, is there anything we can do? Do we haggle the prize? Or just keep on renting and/or find a property elsewhere? It's just we really love our house

Doozergirl

Can you ask for the details of the comparable properties that the surveyor looked at? They do draw comparison from similar properties. He might just have put the wrong number at the front.

Or provide them with the details of properties that you think are comparable.

There must be some means of redress if he gets it badly wrong. It's more normal to have a property undervalued!

pawpurrs

Thats Crazy.
Leave it! Now is not the time to buy your first house, stay there renting. Presuming the longer you rent the bigger the discount, so if prices come down and you get a bigger discount you will be quids in? Plus next time hopefully they will sent a surveyor that knows their stuff!

If you decide despite all you must have it, then I would argue the price with comparables of what similar properties have sold for. :rolleyes:

It cant hurt. If you dont get anywhere and you are adamanant to buy, I would buy elsewhere, if you can buy so much cheaper.

Midastouch_2

Thank you, thank you. Much appreciated :T

waddy80

Where abouts do you live? I know of no social housing that are worth more than £180k round here.

Midastouch_2

We live in London, Tooting area

PasturesNew

Leave it forever.
What's your rent?
Even if it were priced at £250k and you got the £16k discount, that'd be £234k mortgage.
£234k on a repayment mortgage at 6% is £1525/month

There's no point buying it. You've got a cheap house for life.

kittiej

Why is your discount only 16k?

I don't really know about rtb nowadays but when I bought my home I had 34% discount.

Paparika

In cases of RTB valuation, any dispute can be put before the valuation guys of HMIT - can't remember the exact office, but it's in the RTB paperwork. Their decision/price is final.
As far as discounts go, it's X% per year of tenancy (assuming the HA is the same as council rates) and reaches a maximum of 60%

Bf109

We are living in a Housing Association property (3 bedroom house) and ......

I actually dont need to read any more. The answer is leave it!

titewad_2

Midastouch wrote: »

We are living in a Housing Association property (3 bedroom house) and have a Right To Buy. We decided to buy. They sent out a surveyor and the offer has come through at £350,000 :eek: - we have a discount of £16,000.

We sourced around for similar properties before the offer came through to estimate how much it will cost and most properties on the private market, similar house, sell between £250,000 and £280,000 so we figured as it is social housing, it'll be a lot less.

How wrong were we :eek:

Even the bank reckons it's too much :cool:

So,basically, is there anythig we can do? Do we haggle the price? Or just keep on renting and?or find a property elsewhere? It's just we really love our house

I don't know if you have the same redress with a housing association,but when you "right to buy" a council property,if you disagree with their own valuation you can tell them so and they get an independant valuer in.Higher or lower that is the valuation that stands.