RTB Application approved, now council have decided to use a higher older valuation

[omoeko 1]

Hi All,

 

I am in a bit of a pickle at the moment, I felt I was finally able to afford my council flat that I have lived in for over 15 years, I put in my first RTB application March 2015, and a valuation was done for the property, after the valuation came out, I found that I was not able to afford it even after the London discounts so I didn’t take up the offer, fast track November 2016, the same year I made another application and this time around the price of the flat had reduced by £100k as per the new valuation done in November 2016, so I took up the offer, applied for a mortgage and got it approved etc, to my horror council wrote to me last week saying that they have now revised the offer from the council where they have changed all the figures and have now decided to use the first valuation which is 100k more than the second one.

I am a little lost now and do now know what to do. I am already out of pocket after spending on solicitors and mortgage brokers.

Thanks in advance.

[tony3x 52]

Not 100% sure but if you signed and sent back the Section 125 accepting the offer I would imagine they have to stick to it. You may need to speak to your solicitor.

[omoeko 1]

Hmmmn. They are the freeholders at the end of the day but there must be some laws/guidance to which they must work with, they cant just be doing what they like.

 

I am not sure if its a good idea to go to the district valuer at this stage.

[ericsbrother 3,537]

You may have to speak to the Valuations Agency who can make a decision on the value of the property if you cannot come to an agreement with the council. Also the local government Ombudsman could make a decision. Start with a formal complaint to the Chief Exec of the concil if you have exhausted the lower levels, then use theOmbudsman or the VA