Council offering to sell me flat

[Bug]

Dear all,

I own a flat which occupies the upper floor of a property. The flat below is owned by the council which, as the most recent tenant has left, the council have offered to sell to us (inc the freehold of the entire property). I expect to receive the council's valuation in the next few weeks.

Now, I doubt we could ever afford to buy it even if I wished to. But, I wondered whether anyone had experience of this kind of situation and whether there were any particular pitfalls that I should be aware of. Is buying from the council the same as buying privately - will the council massively over-value?

Thank you for looking at my very hypothetical situation.

Bug

[Mick Mac]

They will probably give it to you in return for one vote.

[Dorothy]

Sorry, I have no experience of dealing with the council in buying property - but am surprised that you are in this position. I thought council properties were in chronically short supply?

[matthew123]

I would say have it valued by a few estate agencies to compare with council valuation

[zeban]

They are Dorothy. But don't be surprised, this has been going on for a long long time.

[cate]

I thought it was more usual to sell them to existing tenants, not to someone who doesn't even live in it. If they do that they usually go to auction. It would certainly be worth owning the freehold. Have you lived there long and had to deal with the council as regards to repairs to the outside yet?

[Santerme]

Bug Wrote:

-------------------------------------------------------

> Dear all,

>

> I own a flat which occupies the upper floor of a

> property. The flat below is owned by the council

> which, as the most recent tenant has left, the

> council have offered to sell to us (inc the

> freehold of the entire property). I expect to

> receive the council's valuation in the next few

> weeks.

>

> Now, I doubt we could ever afford to buy it even

> if I wished to. But, I wondered whether anyone

> had experience of this kind of situation and

> whether there were any particular pitfalls that I

> should be aware of. Is buying from the council

> the same as buying privately - will the council

> massively over-value?

>

> Thank you for looking at my very hypothetical

> situation.

>

> Bug

I bought my grandmother's house in Kennington many years ago from the Council, they came in with a valuation, which I then negotiated down by ?17,000....

I would not accept the first price...I think they need money and it puts you in a good bargaining position.

[cate]

I don't think what happened many years ago is relevant to now. Many years ago Councils offered discounts of 50 - 60% depending on how long you had been in the property now and they don't do that any more.

[reggie]

This flat has a funny smell.

[womanofdulwich]

I think what has happened here is that the council have decided to sell the empty flat- and they own the freehold too. Under law they have to offer the freehold to other leaseholders first- they might mention the 1987 Housing Act? ie you get first stab at it. Try www.lease-advice.org to see if this sounds familiar. One of the reasons may be that the flat or the whold building needs a lot or work - think about things like services, asbestos- which an estate agent might not pick up on.