I've been screwed.

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Datadogie

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131
Location
Aberdeen Scotland
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C180 Komp 2005
A year and a half ago my employer and landlord has decided to sell a street of 8 properties. I was born in mine 66 years ago and took over tenancy 40 years ago.
I was invited into the Housing Managers office and told to hold off until the last of the houses were being sold. I was told to put in a fair cheeky offer to which I took to mean
I would get the house at a reduced price due to my long tenancy. The first houses sold for £140,000 then this covid came. Roll on till now. The last house that was sold sold for £151,000
and the last two are on the market for £155,000.
They have now told me that I will have to pay the market price. Obviously I'm fuming. I'm not a rich man so last year I applied for a Government LIFT scheme the will buy a share up to 40% the value
of the house so one year ago I was in the position to buy at £140,000. So my argument is why would I wait and continue to pay rent for over a year if the housing manager had not put me in this position. They are playing with emotional blackmail and legal right. I am at a lose of what to do as my time is running out due to my age. I have applied and been accepted for the LIFT a second time but only have 7 weeks left to decide what to do.
 
Hi,
I can certainly understand your frustration - but it does seem that house prices have risen considerably since last year.
Do you have any documentation from them offering a specific discount - or was everything verbal?
Why did you not just buy it last year (as this would have also saved you one year rent)?
Cheers
Steve
 
If you want the property, then you have to pay the market price. On the plus side, if it’s climbed £15k in a year, it will soon climb more. Don’t dither close the deal.
 
What an awful position to be in. I don't know much about very long term tenancies and your rights. Perhaps a visit to Citizens Advice Bureau for advice might be in order, to get some clarification.
 
As above, it must be frustrating, but at least they have held it for you and given you the option to get it at a reduced rate. - alot of LLs wouldnt do that! may I ask why you didnt purchase it last year?

NB: £290k for a 1 bedroom flat here in Cambridge at the moment :(
 
Hindsight is a great thing. Try to forget about the £140000. If you think its worth £155000, then go for it. If you had bought it 40 years ago it probably would sell for around £2000. They possibly thought they would have a hard time selling them so used you as an insurance policy to hedge their bets. No loyalty when money is concerned & I bet it was only a verbal conversation you had with them.
Just noticed you are in Aberdeen. At these prices they have obviously been sold to buy to let investors. Get it bought now or you will be looking for somewhere else or paying more rent to stay there.
 
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Being in Scotland , are the houses a fixed price of £155k or an offers over situation . If they are offers over you may be looking at finding an extra 15% -> 20% on top which may put it outside your reach , if it is fixed price then get it bought ASAP.

That extra £15k , although is a lot , is "only" around 18 - 24 months rent.

K
 
A lot depends on the type of tenancy you have. If it’s a short term assured tenancy you’re fooked as you can be given notice. If it’s a long term tenancy (I forget the actual term) where you’re classed as a sitting tenant the value of the property will be considerably lower as you can’t be given notice the leave.
 
The surveyor is coming soon today although I do not need a home report if it was not for the fact I need one for the LIFT scheme.
I just feel ripped of as I will be paying over £20,000 more than the price of the first house that was sold. Morally wrong, Legally right is what it boils down to.
In the short term it will not affect my mortgage repayments. They will remain the same as my Mortgage in Principle £102,000 no matter what the house sells for as long as the LIFT scheme accepts the deal. But in the future when my family sell (I hope to live a long time) the return will not be as profitable as I'd hoped for. The lift scheme will take back whatever percentage they put in. But I will have the total upkeep of the property. So much for 51years of loyalty with this University. And would you believe they run with charity money.
 
Isn't there a difference between English law and Scottish law when it comes to property and tenancy matters?
 
Short term tenancy. The other houses were advertised at £140,000 and over but they accepted the £140,000. This was over a year ago. PS the houses are all identical.
Even if they were to agree this price the original price I would lick my wounds and they would heal. But I am loathed the way they have treated me.
But feel I have no option but pay the extra.
When I retire I intend to tell the press. But as I still work for them I'm scared to tell my story at the moment.
 
Lot's of differences. In Scotland the price is usually offers over, not fixed price or low offers. Also, I believe in England that you can pull out at the last moment that's why these chains collapse. In Scotland once you have signed for it you cannot pull out. If you then find you can't afford it you are then liable for all reselling costs & losses if the house sells for less to the home owner.
 
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Short term tenancy. The other houses were advertised at £140,000 and over but they accepted the £140,000. This was over a year ago. PS the houses are all identical.
Even if they were to agree this price the original price I would lick my wounds and they would heal. But I am loathed the way they have treated me.
But feel I have no option but pay the extra.
When I retire I intend to tell the press. But as I still work for them I'm scared to tell my story at the moment.


Why didnt you purchase at the time though for the price?

Devils advocate here: - how long can they hold that price for you for? a week? month? year? if the value is going up weekly, there is only a set time they can honor the price. :(
 
You're going to need a solicitor, or what ever you choose to call them over the border.
consult with one at your earliest.
Priority is to get your secured interest in the property. It seems you would regret losing this opportunity to another buyer.
2nd is to see if there is a legal argument to cause the seller to be held to the arrangement previously made.

There may well be dangers taking advice from us that aren't familiar with Scottish housing law.
 
Since you are in Scotland and lease law is different to England, do get some legal advice to check that your long-term occupancy does not give you additional rights. People to ask are CAS Scotland and also Shelter Scotland, either may provide free telephone advice.
 
Short term tenancy. The other houses were advertised at £140,000 and over but they accepted the £140,000. This was over a year ago. PS the houses are all identical.
Even if they were to agree this price the original price I would lick my wounds and they would heal. But I am loathed the way they have treated me.
But feel I have no option but pay the extra.
When I retire I intend to tell the press. But as I still work for them I'm scared to tell my story at the moment.
Has it always been a Short Term Tenancy as 40 years seems a long time or is it classed as a Tied house?
 
Aberdeen house prices basically are set by the oil price. For the last few years the oil price has been very low, so less contractors renting, stay all week & go home at the weekends. When oil was $80 these £140000 homes would probably sell for around £200000 with multiple offers. Prior to Covid with the low oil price they would sell for slightly over the asking price, but with covid with no contractors as OP says going for asking price. Oil price has been rising over the last few months (today, Brent crude is $67, last year around half that) $67 is still low but coming back. Furlough is coming to an end so its looking a bit brighter & buy to let investors are coming back to the market. If he does not buy it now, in a couple of months he won't be able to afford it.
 
Upsetting as it is, what’s your alternative ?
Business has no friends and cruelly in the cold light of day you either pay up or be prepared to move on, it’s as simple as that.
I wish you all the very best in an appalling situation.
 
Why didnt you purchase at the time though for the price?

Devils advocate here: - how long can they hold that price for you for? a week? month? year? if the value is going up weekly, there is only a set time they can honor the price. :(
I was told by the Housing Manager to wait till the last of the houses went on the market and put in a cheeky fair offer.
 

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