What to Expect from a Right to Buy Valuation
When you carry out a right to buy valuation, it’s more than just a quick look at the property. It’s very involved and is designed to give you an accurate price for the property.
What Is ‘Right to Buy’?
Right to buy is a specific scheme meant to help council home tenants and some housing association tenants purchase their property. They will get a discount on the property, as long as they can fulfil certain requirements. These include:
You live on the property. It must be your only home or your main home.
The property is self-contained. No part of the home may be shared with people not in your family.
You have no debt problems. While debt is fine, you cannot have legal issues associated with it.
You have a contract. There must be a legally binding contract between you and your landlord.
You have had a minimum of three years under a public sector landlord, such as a council, housing association, etc. The three years do not need to be consecutive.
If you meet all of these requirements, you may apply for the right to buy the home you live in. Once you apply, the landlord may send you a letter offering their valuation of the property, which should include an overview of the condition of the property. It will also include a list of structural defects if any.
However, it’s essential that you carry out the valuation to ensure the price is fair and that the landlord is offering a true discount.
What Does the Valuation Entail?
When the right to buy valuation is carried out, it will be done by a local surveyor who will inspect the property carefully for value. This is not all, however. The valuation also includes:
A full overview of the property which includes its location, everything on the property and all construction.
An overview of the condition of the property, including photographs as needed.
Examination of similar properties in the area and their sale prices.
In the end, you’ll receive a valuation of the property, along with the surveyor’s reasoning for this valuation and how they arrived at this conclusion. This is important to have if you need to show it to the landlord, who may dispute the valuation.
The next step is to either counter the landlord’s offer with your own valuation or to refuse it. You can choose which you prefer. If all goes well, you could complete the purchase and have your own home.