Today, we’re diving into the nitty-gritty of the Right to Buy scheme and why a Right to Buy Valuation by a Chartered Surveyor is your golden ticket to making the most of this fantastic opportunity.
What's the Right to Buy Scheme?
So, you’ve heard about the Right to Buy scheme – what’s the buzz all about? Well, it’s a government initiative that opens the doors for council tenants to buy their homes at a hefty discount. A chance to turn your rented space into a kingdom you can call your own.
Council and Housing Association Tenants who meet certain criteria have the ‘Right To Buy’ their home and obtain a ‘Right To Buy’ discount on the purchase price of up to £84,200 (£112,300 in London).
Why Does Valuation Matter?
When you apply to your Landlord for Right To Buy using the RTB1 form, they will send you an offer letter containing their valuation of the property. The letter will also include an overview of the property condition and any structural defects.
A Right To Buy Valuation from an independent RICS Registered Valuer allows you to check if the Landlord’s valuation is a fair and accurate one.
As independent, RICS Surveyors, our reports can be used to challenge the Landlord’s offer, if that is necessary. They can also use the report as evidence if it is required to appeal to the District Valuer.
A Right To Buy Valuation also contains a brief overview of the property’s general condition, so that you may be able to contest any incorrect claims about the property condition.
How to Get Started?
The first thing you need to know is whether you are eligible for the Right To Buy Scheme.
Eligibility criteria applies to you and the property you live in.
It is best practice to take a look at the Right To Buy Website to find out if you are eligible to join the scheme:
In a Nutshell
The Right to Buy scheme is like the golden ticket to your dream home. And a Right to Buy Valuation by a Chartered Surveyor? That’s your compass, your guide, and your assurance that you’re not getting the short end of the stick.
Watsons chartered surveyor are here to help you!
