What's a CPO? Ex-Council House only suitable for first time buyer?

P

_Paul_

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I enquired about a house which is for sale which apparently is only suitable for a first time buyer.

I received an e-mail from the auctioneer...

Apparently the county council are trying to buy back the house for the vendor, and the council will have to ok the person who buys the house.

If the vendor does not sell it back to the council that will put a CPO on it.

Does anyone know what this means...?

 (Not sure if this thread should go in the home buying section)
 
_Paul_ said:
If the vendor does not sell it back to the council that will put a CPO on it.
Click to expand...

The council will get it for less than the market price so. I know of some land which was CPO near a large town centre. The owner bought the same size piece of land next door to the land he lost to the local authority, by public auction. ( the underbidder was the council valuer ). This was a few years ago. The CPOd land was taken over by the local authority a few years ago as well, around the same time, and yet the property owner of the land which was CPO'd will only get about half the value of the land. ( compared to what he had to pay next door per sq. ft ). Both pieces of land were actually the same size.

The money has not even been received for the CPO'd land yet.

As Shakespeare would have said ..." Something is rotten in the state of ....... "


Maybe not all councils act so unfairly. Maybe they are not all corrupt.
 
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