News0 min ago
Right to buy council flat
In 1988 I purchased my flat from the council. It had been valued at �35,000. I am shocked to find that in the same year my neighbour who lives in an identical flat also purchased his flat but his was valued at �25,000. Have I cause for complaint after all this time?
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Thank you all for your answers. I am aware that our discounts were different as he got nearly 70% and I got 60% but this makes no difference to the valuations. I paid �14,000 for my flat and he paid �7,650. As you can imagine this made a tremendous difference to my mortgage payments (interest rate at that time was 12.5%!). I had a new bathroom suite installed and replaced some units in the kitchen but it was far from being a fitted kitchen. Otherwise the flats were identical. I don't see that those small improvements should have made a difference in value of 40%. I just feel that I was treated unfairly. Another identical flat on the estate was valued at about �42,000 13 years after I bought mine.
Sure kujawski it sounds like peanuts now but it was a long time ago. I worked full-time in local government at the time and my monthly salary was less than �400 after tax and deductions so it was a big chunk of my income. I was also bringing up a son on my own so money was tight. And by the way it wasn't �12,000 it was �14,000. I'm not saying it wasn't a bargain - all council house sales were and if it wasn't for that I would never have been able to get into the housing market. I just think my valuation was unfair.