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A Right to Buy valuation carried out by a RICS qualified surveyor could play an important role in ensuring that you pay a fair price when purchasing your council or housing association property.
Because people making a Right to Buy purchase of a home have already been living in that home, often for many years, it can sometimes be tempting to take the price offered at face value, particularly if a reasonable discount is included. This would be a mistake, however, as even a discounted purchase price needs to be as fair as possible, and any money saved at the point of purchase could then be invested in adding value to the property and turning the purchase into an even better investment.
Before looking at the process of the Right to Buy valuation, it’s worth taking a quick look at the Right to Buy scheme itself and how it operates.
The Right to Buy scheme
The Right to Buy scheme enables tenants living in council properties to buy the property and own it outright rather than renting. The scheme also applies to other public sector landlords such as housing associations and NHS trusts, and the current eligibility rules are as follows:
- The property in question is your only or main home.
- The property in question is self-contained.
- You are a secure tenant.
- You have had a public sector landlord for at least 3 years, although these do not have to be 3 consecutive years.
If you meet these criteria you can fill in an online form and send it to your landlord, who must say yes or no to the request to buy the property within 4 weeks of receiving the application. If the answer is yes, as it should be if you meet all qualifying criteria, the landlord will send an offer, stating how much they think the property is worth. As well as setting out the price they think the property should fetch, the landlord’s offer will explain how they arrived at this valuation, and include details of any discount being applied.
The Right to Buy discount
The discount on a Right to Buy property purchased in England is calculated on the basis of how long you have been a tenant. In simple terms, the discount applied to Right to Buy valuations works in the following way:
- Houses/Flats – a discount is generally applied if you have been a public sector tenant for a number of years although the exact figure may vary. The amounts could also vary depending upon factors such as where the property is located and the wider state of the housing market.
Why opt for a Right to Buy valuation?
You may feel that the offer from your public sector landlord is fair, or you might think they are asking for too much, even with any discount applied. The fact of the matter is that you’ll never know for certain without having a Right to Buy valuation carried out by an independent RICS qualified surveyor. If you do then decide to challenge the offer made by your landlord, the details contained within a Right to Buy valuation report will help you to build a much stronger case.
The Right to Buy valuation process
In the first instance, a RICS qualified surveyor will carry out a physical inspection of the property, inside and out, to ascertain its size, specifications and condition. This information will then be combined with data on other similar properties in the local area. The sales prices of council or housing association properties close to yours will be used to provide a benchmark against which the value of your property and a fair asking price can be fairly calculated. A Right to Buy valuation report will then be produced, providing details on the property including its construction and location and an overview of its present state of repair. The report will then give an independent valuation of the property based on these details and in-depth local knowledge. Once it has been produced, your Right to Buy valuation will be valid for 3 months, and will put you in a much stronger position if you wish to appeal against the valuation offered by your landlord.
If you’re in need of a Right to Buy valuation for your property and are looking for an RICS Surveyor near you, contact us today for a free quote. We specialise in building surveys and valuations and can carry out a professional inspection, so you can rest assured that the Right to Buy valuation we arrive at is a realistic reflection of the current value of your property.
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Frequently Asked Questions
- Which areas do you offer services in?
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- What is the difference between a Level 2 Homebuyer Survey and a Level 3 Building Survey?
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In simple terms, the Level 2 will be carried out on a traditionally constructed property in a good state of repair. The Level 3, on the other hand, is for older and larger properties which are in a state of disrepair, have been altered and extended and/or are in some way unusual in terms of construction. A Level 3 Building Survey will also be required if you are planning major work on the building.
- What is covered by a Level 3 Building Survey?
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A Level 3 involves a visual inspection of the property which is more in-depth then a Level 2 inspection. Where it is safe to do so, places such as lofts, basements and cellars will be visually inspected. Services to the property such as water and electricity will be noted as being present and, although they won’t be tested, they will be checked for normal operation, i.e. taps and switches turned on and off where safe and with the permission of the person living in the property. A report published following the survey will describe the condition of the property in objective terms, pointing out any defects and explaining how important they are. It will also describe the materials used when constructing various parts of the property, and it will detail the likely cause of any defects and the chance of there being defects hidden in areas which couldn’t be inspected.
- Do you provide Level 1 Home Surveys?
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Yes, we do provide a Level 1 Home Survey, which involves a physical inspection of the property and a report based on the inspection.
The surveyor will aim to describe the element in sufficient detail so that it can be properly identified. A clear and concise expression of the surveyor’s professional assessment of each element, describe the condition of the element that justifies the surveyor’s assessment, to help you gain an objective view of the property condition.
- How long will it take to arrange a survey?
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In most cases we’ll be able to arrange a survey to take place in the next few days.
- Are your surveyors RICS qualified?
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Everyone who carries out surveys for Crown Survey and Valuation is a fully qualified member of the Royal Institution of Chartered Surveyors (RICS).
- What qualification will my surveyor have?
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As a fully qualified RICS surveyor, the surveyor who comes to your home will have at least one of the following accreditations – AssocRICS, MRICS, or FRICS. If you like, you can check the qualifications of your surveyor on the official RICS website.
- Do you send out trainee surveyors?
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None of the surveyors we send out are trainees. They are all fully qualified and have the experience needed to carry out their work. Anyone coming to Crown Survey and Valuation can be certain that the inspection of their property and any report produced is delivered by a fully qualified RICS surveyor.
- Does a Level 2 Homebuyer and Level 3 Building Survey automatically include a valuation?
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We don’t include a valuation in these surveys as this would mean customers having to pay for a service which they don’t necessarily want. If a customer wants to have a valuation included as part of their survey we can discuss this when the survey is being arranged as an additional service.
- Can you provide a sample of a report?
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We’d be happy to provide any prospective customer with a sample copy of a report, so that they can see the high standard of the work we do. If you’d like a sample please contact us.
- Do I need to contact the vendor or estate agent in order to arrange the survey?
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When you come to Crown Survey and Valuation, we’ll handle all of the details such as booking the survey on your behalf and arranging the inspection.
- When will I have to pay for the survey?
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Payment can be taken at the time the booking is made, or when the reservation is provisionally confirmed. In all cases payment will need to be made prior to an appointment being officially confirmed.
- Can I be with the surveyor as they carry out the survey?
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In order for the surveyor to fully concentrate on the inspection without being distracted, we recommend our surveyors are left alone in order to ensure that they concentrate on the job at hand without ay distractions.
- Do your surveyors carry identification?
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Yes, our surveyors will be carrying a Crown Survey and Valuation ID card, which they will show to you when arriving at the property.
- If I can find a cheaper quote, will Crown Survey and Valuation match that quote?
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We like to feel that we offer the best possible value for money, and that a cheaper quote may come from a company that doesn’t provide a service of the same high standard. Although we’ll look at any other quotes we can’t guarantee to match them.
- Can I reschedule or cancel an appointment?
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We’re always happy to listen to requests for an appointment to be rearranged, and will reschedule to a different date free of charge before any actual inspection takes place. If you decide you no longer need an appointment and wish to cancel we will be happy to do so free of charge, provided we receive at least 24 hours’ notice prior to the original appointment date.
- Will the surveyor be in touch after carrying out a survey?
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In most cases, after carrying out a Level 2 Homebuyer or Level 3 Building Survey the surveyor will get in touch to discuss the main findings of the survey. This may not be immediately after the inspection itself, as the surveyor may have other commitments in their diary, but it will be as soon as reasonably possible.
- How long will it take for me to receive a report after a survey has been carried out?
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Most of our reports are with customers within 5 working days, and in some cases even faster.
- How can I be sure that you will provide a good service?
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Our years of experience and the expertise we bring to the task means that a good service is guaranteed.
- How will I receive the report?
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You will be sent a copy of the report electronically, via email.
- What if I have a question about the report?
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We’re happy to deal with any queries following the delivery of a report. Just get in touch with us via telephone on 020 4522 8366 or hello@crownsurveyors.co.uk
- What if I need to complain?
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We want our clients to be completely satisfied so we take any complaints very seriously. If you feel something isn’t right please email hello@crownsurveyors.co.uk with the details and we’ll look into it and do our best to put things right.
OUR VALUATION PROCESS
