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I live in a council house and I have the right to buy it, how will the house price be assessed and how much deposit will I be asked to pay?

I live in a three bedroom house belong to Norwich City Council NR1 4BS and within the next month I will be entitled to buy the house under 'right to buy'. Can anyone tell how the house price will be assessed? Would it be the same price of houses neerby or luckly a bit less? Also, I like to know how much deposit I will be asked to pay.

Asked on Jul 18 2011, House Prices in Norwich | Report content

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  • Not sure about deposit, that will depend on which mortage you go for, and I would check with a broker for further details of this. But with regards to how the price would be valued, I would be expecting a independent surveyer to value the property based on sold prices in the area.

    Answered on Jul 18 2011, Report content
  • I bought my maisonette from a different council in 1998 and they valued the property, not at the current price at the time, but at 1994/1995 prices and as I had been a council tenant for over 20 years I received the full discount. There is a leaflet on Right to Buy on the Norwich Council website (just put in Right to Buy in the search box) along with other information which may be of help if you haven't already seen it, you will get a discount on the value of the property, discount will be determined by how long you have lived there, you will not be able to sell for 5 years if you want a profit from it. Below is an example of discount from the Right to Buy page on the website, albeit about the purchase of a flat, but it will give you an idea. How does the scheme work? A discount is applied to the purchase price of the property, depending on the type of property and how long someone has been a secure tenant for. The maximum discount available is £34,000. To calculate whether a tenant qualifies for the maximum discount, a percentage figure is applied to the value of the property. For a flat or maisonette, a discount of 40% is applied plus an additional 2% per year of the qualifying tenancy period up to 70%. For a house, a discount of 30% is applied plus an additional 1% per year of the qualifying tenancy period up to 60%. Example - An applicant living in a flat valued at £100,000 with a tenancy history of five years •Qualifying % = 40% + 5 x 2% = 50% •£100,000 x 50% = £50,000 The maximum discount of £34,000 is applied. Therefore the flat would be offered for sale at £66,000.

    Answered on Sep 13 2011, Report content

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