Right to Buy Valuation

Right to Buy Valuation

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).

Your Right To Buy Valuation

When you apply to your Landlord for Right To Buy, 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.

If you want more detail on the condition and structure of the property, including the cost of any maintenance and repairs that they will be responsible for after purchase, you may wish to consider having a full RICS Building Survey.

Are You Eligible?

Right To Buy allows most council or housing association tenants to buy their home at a discount. 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: 

What does the Right To Buy Valuation include?

  • Inspection of the property by a qualified RICS Surveyor local to the area.
  • Overview of the property, its construction, locations, and accommodation.
  • Overview of the property’s general condition, with photographs.
  • Sale prices of comparable properties in the local area.
  • Valuation of the property, with a description of the evidence and the assumptions used.
  • Our Registered Valuers then use their local knowledge, alongside evidence of  comparable sales in the local area, and an accurate and impartial Valuation is determined.

Right to Buy: Case Study

Own Your Home, Your Way: How We Helped a Tenant Unlock Their Right to Buy Dream

Imagine living in your dream home, knowing it could be yours forever. For one lucky tenant, this dream became reality thanks to the Right to Buy scheme – and a little help from our Right to Buy Survey.

Meet the Client: Saffron Housing Trust, managing thousands of homes across East Anglia. One of their tenants wanted to buy their current property under the Right to Buy scheme, needing an accurate valuation to calculate the discount.

Challenge Accepted: Providing a valuation that was both accurate and RICS-compliant, ensuring fairness for both tenant and housing association. This wasn’t just about numbers; it was about making a dream come true.

Our Approach:

Tenant-Friendly Inspection: We visited the property with the tenant’s cooperation, assessing its overall condition and collecting key details like room numbers and size.

Data-Driven Decisions: Leveraging Rightmove and official property market data, we scoured the local market for similar properties recently sold.

Expert Comparison: We narrowed down to the three most relevant comparables, meticulously analyzing their differences from the tenant’s property.

Justified Valuation: Using this data and our expert judgment, we arrived at a precise valuation within a supported range, backed by solid evidence.

The Outcome: Saffron Housing Trust received a detailed report with the valuation, comparable evidence, and a clear rationale – everything they needed to determine the purchase price for the tenant.

Why chose Watsons?

Unlocking Dreams: Empowers tenants to achieve homeownership aspirations.

Transparency and Fairness: Ensures accurate valuations for both parties.

Peace of Mind: Provides a robust and defensible valuation, minimising challenges.

Ready to turn your right to buy into reality? Contact Watsons today for a free consultation and let’s make your homeownership dreams a reality.

Remember, we’re here to guide you every step of the way.

Don’t forget to check out our blog for more Right to Buy insights and success stories! 

Watsons & Housing Associations

As property professionals, we are practiced in providing a wide range of property services to housing associations. Find out more about our work with Housing Associations by clicking here.

Saffron Housing Trust
Saffron Housing Trust Lou Chapman, Head of Communications
"Watsons Property Group has always taken the needs of Saffron into account where we require different valuations for different purposes such as, Right to Buy Valuations or Shared Ownership Staircasing Valuations. They are always keen to support us and work hard to turn around the valuations in an efficient manner, so this does not cause a detriment to us, the homeowner or tenant."

Survey Services

An home survey will provide you with a clear understanding of the property’s condition.

Valuation Services

We provide a valuation service that gives our clients confidence they have the full picture.

Commercial Services

We offer a reliable and comprehensive service across all sectors of the commercial markets.

RICS Home Surveys

If you’re considering purchasing a new property, at Watsons we always recommend commissioning your own independent home survey, which will provide you with a clear understanding of the property’s condition.

By having a professional inspection completed, you’re essentially avoiding any additional costs, stress and hassle further down the line, as the survey can help you avoid surprise additional costs for repairs.

We are experts in all aspects of property ownership and tenancy in both the residential and commercial markets. We offering a wide range of surveys and competitive valuations.

 

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PLEASE NOTE

Our Offices Will Be Closed Over the Festive Period From the 25th December 2024 - 2nd January 2025​

For out of hours contact/emergencies please see information below:

  • For Tenants/Landlords – Please call our main lettings number – 01603 751555 – and follow the instructions. These instructions will provide you with an out of hours contact number, plus the number of an emergency plumber.
  • For Leaseholders – Please call our main Block & Estate Management number – 01603 226500 – and follow the prompts. Listed are numbers for various contractors, depending on the type of emergency.

From all of us at Watsons, - Have a Merry Christmas and Happy New Year!​