Council Flat Purchase.

My elder son has lived in a council flat in Greater Manchester for something like 7 years. This means he is able, if he wishes, to purchase it at a knockdown price under the 'Right To Buy Scheme'.

However, he has a bit of a dilemna with regard to whether or not to re-decorate the place. It certainly is in need of a lot of attention but he's worried that the place might get valued at a price higher as a result of doing so.

Consequently, he's inclined to leave things as they are and so resulting in a lower valuation and hence he'd be looking at lower mortgage costs. I'm very interested in finding out if others have been in a similar predicament.

Will be valued on structural condition and current market value in area.
Decorating wont come into it I'm sure.

manic01 said:

Will be valued on structural condition and current market value in area.
Decorating wont come into it I'm sure.

Click to expand...

Bricks and water there will value it at

Sent from my GT-I9300 using Tapatalk

bricks and water ?!?!?!

friendzi said:

bricks and water ?!?!?!

Click to expand...

Must have forgot the cement.

friendzi said:

bricks and water ?!?!?!

Click to expand...

It has it's own indoor pool Mr friendzi. Flood damage?? shhh

killdeer said:

My elder son has lived in a council flat in Greater Manchester for something like 7 years. This means he is able, if he wishes, to purchase it at a knockdown price under the 'Right To Buy Scheme'.

However, he has a bit of a dilemna with regard to whether or not to re-decorate the place. It certainly is in need of a lot of attention but he's worried that the place might get valued at a price higher as a result of doing so.

Consequently, he's inclined to leave things as they are and so resulting in a lower valuation and hence he'd be looking at lower mortgage costs. I'm very interested in finding out if others have been in a similar predicament.

Click to expand...

The decorating costs will be the same before or after any valuation. I doubt whether it would make any valuation difference, and they may not even visit,

but why take the risk? Even a potential minor saving on the valuation would go a long way towards the decorating costs.

Unless I'm missing something, it's safer to leave the decorating for now.

8 years ago we were offered our house for 65k, few months ago because we have been here 18yrs now its gone down to 40k,
the council have never even once checked over the house ,valued it or nowt.
We was told after the pvc windows, central heating was installed that they do add the value of work/installed items for 6yrs after that the value goes back down again.
I'm trying to get back into work after illness so we can get a morgage and make a big profit on it (aprox 60-70k)

Manse said:

8 years ago we were offered our house for 65k, few months ago because we have been here 18yrs now its gone down to 40k,
the council have never even once checked over the house ,valued it or nowt.
We was told after the pvc windows, central heating was installed that they do add the value of work/installed items for 6yrs after that the value goes back down again.
I'm trying to get back into work after illness so we can get a morgage and make a big profit on it (aprox 60-70k)

Click to expand...

There are all sorts of factors over a longer period, I'm just saying get it valued before anything is done.
The valuation certainly won't go down immediately after decoration, unless you get a squatter to do it.

Good look with the job, the mortgage, and the sale, but you still have to buy somewhere else to live,
that does tend to take the edge off the profit.

I was left a few bob which was earning very little in interest so I bought my council house with the dosh to save paying rent which was over 3 times the interest. I waited for the 2012 budget as the max discount went back to 75k instead ot 28k and got the max (lived here 25 yrs). I had done lots of work = porch, patio, conservatory, shower room, chimney out dormer in, block paved the drive etc and they listed it all an then discounted it for valuation.

Manse said:

8 years ago we were offered our house for 65k, few months ago because we have been here 18yrs now its gone down to 40k,
the council have never even once checked over the house ,valued it or nowt.
We was told after the pvc windows, central heating was installed that they do add the value of work/installed items for 6yrs after that the value goes back down again.
I'm trying to get back into work after illness so we can get a morgage and make a big profit on it (aprox 60-70k)

Click to expand...

But, the "big profit" is only on paper, slightly different if you had perhaps bought a place in London and were then prepared to move out of London. Because you need somewhere to live and in most cases it will cost you a similar amount to buy a similar house, so no real profit unless you downsize or die and if you're dead the profit is of no worth to you, it will just be a legacy for your relatives to argue over who gets what.

fook buying a house i want a narrow boat or camper van

As @notyou says, any improvements are included in the valuation, but then the council are supposed to deduct the improvements value to achieve the price they offer you.
Note that I say "are supposed to" as it does not always happen, so best advice would be as @danforth says leave as is until valuation done and price offer given (you should then have 2 years to decide to buy at the price given).

I had my sensible head on (boring) when I bought it, at my time of life I should've just blown the lot on having fun but of course I'm to old and knackered and far to arfuritic for motorbikes, jets skis, speedboats, ski trips and sex tourism. I paid 67 and there asking 160 to 180 at he mo but it's not all profit as i've paid rent for 25 yrs but if I had a 25yr morgage i would of paid shed loads of interest as well. If i sold I'd have to move up north to make a profit and of course you can't sell for 5yrs and have to offer the council first refusual for 10 yrs. A greedy goverment will probably end up selling it to pay for care home fees. I could sell and live in a hotel like the Colonel in Faulty Towers.

Don't forget there will be a service charge as well as your mortgage payments when you buy the flat. This goes towards the general cleaning and up keep of the building.

The council should also make you aware of planned improvements to the building and what your contribution is likely to be