Valuations for Right-to-buy/Right-to-acquire purposes
Right to Buy helps eligible council and housing association tenants in England to buy their home. The scheme, first introduced in 1980, has recently become more attractive thanks to the introduction of larger discounts and the reduction of the minimum tenancy period from 5 to 3 years.
As part of the process of purchasing a house or flat from a council or housing association, an accurate and up to date Valuation Report must be produced. Providing an unbiased and impartial valuation for both parties, the Valuation Report is usually requested and paid for by the council/housing association, although the buyer can instruct their own Valuation Report should they wish to do so. Either way, the Valuation Report must be produced by an RICS Registered Valuer in order for it to be used as evidence in the purchase.
The Valuation Process for Right to Buy / Right to Acquire
The first step when conducting a valuation for Right to Buy / Right to Acquire purposes is for a physical inspection of the property to be completed by the Surveyor. This takes into consideration various attributes of the property such as its size, location, condition and specification. We then assess data relating to other similar council or housing association properties and their sold values in the nearby area. Using all of this information, we then reach a Valuation, which is included in a written Valuation Report.
Lea Hough has extensive knowledge of undertaking this type of instruction across the North-West and we act on behalf of various local authorities and housing associations.
All reports are undertaken to comply with the relevant legislation including The Housing Act (1996) and Sections 126 & 127 and Parts I, II and VI of Schedule 6 of the Housing Act 1985. Furthermore, all instructions are undertaken in-line with relevant lender guidance documents and are also fully compliant with RICS Valuation Standards.
For more information on obtaining a Valuation Report in relation to a Right to Buy or Right to Acquire purchase, please get in touch with us.