The next stage is for us to arrange a valuation of the property. Following completion of the valuation, we will send you a Section 125 Notice. This will tell you the following information:
• A description of the property which you have the right to buy.
• The price you will have to pay i.e. the market valuation less any discount.
• Any terms and conditions of the sale.
• A description of any structural defects we are aware of.
• Estimated service charges and improvement costs (for tenants buying a flat).
You should receive this notice within 8 weeks if your home is a house and you are buying it freehold or within 12 weeks if your home is a flat and you are buying it leasehold.
If you disagree with our valuation of your home, you have the right to an independent valuation from the District Valuer as long as you tell us in writing within 3 months of receiving your Section 125 Notice. You then have 4 weeks to put your case to the District Valuer. The District Valuer’s valuation supersedes our valuation even if this turns out to be higher than the original valuation you were given.
Before you decide to buy your home, you should get an independent survey from a qualified surveyor, a structural engineer or architect. When you apply for a mortgage, your building society or bank will have a survey done to value your home but this may not identify any structural problems.
Once you have considered the information in the Section 125 Notice, you need to decide whether or not you want to proceed with buying your home and return the Form of Acceptance of Offer, within 12 weeks. If you do not let us know, we will send you a reminder and if, after a further 28 days, we have still not heard from you, we will assume you do not want to buy your home and your application will be withdrawn.
Once the offer is accepted, the file will be passed to Castle Point Borough Council Legal Services to complete the sale. If you take a long time to complete the purchase, we may send you a warning notice after 3 months asking you to either complete within 8 weeks or to write and tell us that you disagree with the terms of the sale.
It is very important that any instructions that will progress or cease the purchase of you home are provided in writing to the Housing Services Section at the address below:
Castle Point Borough Council
Essex, SS7 1TF.
Or emailed to firstname.lastname@example.org