compulsary purchase pros & cons

[manutdstott]

I would be a first time buyer, and as everyone knows how difficult it is for a first time buyer to get on the property ladder, I think the only or one of the only options is to buy our council home, we live in a 5 bedroom garaged house in manchester. with our deduction weve been quoted round about the 30k mark, which is great for any size house really, we'd never be able to afford a similar property privatly in a better area, my only concern are if the cumpulsary purchase thingy comes into play a couple of years down the line, would we lose out? would we get market value? has any of you A/Brs experienced buying a council home? whas it worth it to you? did you lose out with the compulsary purchase thingy? I dont want people to tell me if i should go ahead with it or not. i just want to hear your experiences or what the pros and cons maybe into the right to buy scheme, it seems its the only way wer going to get o the property ladder.
many many thanks for all your advise

[CheekyChops]

I don't understand where compulsary purchase comes into it? Do you live in a renewal area that is likely to be cleared at some point in the not too distant future?

I live in an area where houses have recently been purchased under compulsary purchase orders and no, mostly people didn't get as much as they wanted for them. Their idea of market value was often different from the Council's idea!

However, you would be buying your house at a large discount and I'm sure a 5 bed house in Manchester is worth way more than �30K so if you came under a compulsary purchase order further down the line, the Council should pay you the market value, NOT the amount that you paid for it.

So if they valued it at �80K and you only paid �30K for it, you've made a profit of �50,000.