Decision details

To authorise the Head of Property and Asset Management, or in his absence, the Executive Director – Finance and Assets, and in consultation with the Cabinet Member Finance and Assets, totake all decisions necessary (including key decisions) to enable the disposal of HRA CBC new build properties for shared ownership tenure. This decision relates to properties which have been allocated for disposal by shared ownership, as agreed with CBC/CBH via SHDG. All decisions are to be taken in accordance with any shared ownership policy adopted by the Council at the time and in accordance with Homes England Capital Funding Guide requirements

This includes the following: 

·         Approving the leasehold disposal of the property at the agreed price and initial % equity share;

·         Approving the mortgage offer (informed by an independent mortgage advisor appointed by the prospective shared ownership purchaser, and in accordance with the Homes England affordability assessment);

·         Approving any subsequent staircasing request, including the disposal of the freehold where staircasing will total 100% equity share;

·         Approving the legal documents associated with a shared ownership disposal (including but not limited to shared ownership lease, transfer).

To facilitate timely executive decisions and enable timely sales of shared ownership homes.

The principle of providing mixed tenure developments and maximising the provision of affordable housing on developments is well established and agreed between CBC/CBH Officers and Cabinet colleagues.

The sale of shared ownership properties is to be in accordance with the stipulations outlined in the Homes England Capital Funding Guide which outlines the rules and procedures that must be followed. CBH is well versed in ensuring adherence to the specifics noted in the Capital Funding Guide. 

A detailed shared ownership sales policy has been drafted and is due to be considered at Cabinet on 27^th April 2021.

To refer the decisions to Cabinet. Not favoured because of the need to facilitate timely executive decisions.

The principle of CBC/CBH pursuing mixed tenure developments providing shared ownership properties is well established and agreed with Cabinet Members and Senior CBC/CBH Executive Members (via SHDG and OWG).

It is agreed at Officer level that the need for timely sales transactions is critical to enable shared ownership properties to be occupied as soon as possible.