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I've applied for the right to buy my Orlit House in Chingford. After 8weeks I was quoted £124,000, then £174,000. Is this fair?

Its an Orlit house so I should get a reduction on it I also get £16,000 off the price as I've been a tenant for many years. My neighbours house sold for £215,000 and thats brick built. They're saying the first quote was a mistake even though it took them them full 8 weeks to come up with it, the second quote came after the 8 weeks. They say the value of the house in June was £190,000 and they're offering it to me for £174,000. Does this sound like a fair price for a 3 bedroom Orlit house in Chingford?

Asked on Aug 10 2010, House Prices in London | Report content

Answers (1)

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  • Non standard constructed houses and flats ie: orlit (concrete) and non brick built are difficult for buyers to get mortgages on, my parents had a house that was non standard construction and sold it for 238,000 in the same area in 2005. However, their neighbour sold their house for £190,000 a year later.It does also depend on whether the house needs modernisation as this is what they will look at too. If you are buying to sell eventually you would probably also get a cash buyer only, as banks etc, will want a big deposit and will also charge a higher rate of interest on a mortgage. I would go back to Ascham Homes and ask for a second opinion.

    Answered on Sep 26 2010, Report content

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