Issue - meetings

Valuations for property purchases from WV Living

Meeting: 23/07/2019 - Cabinet (Resources) Panel (Item 11)

Valuations for Property Purchases from WV Living

[To approve the process by which the valuations for the sale of properties from WV Living to the Council (Housing Revenue Account) are negotiated]

Additional documents:

Decision:

1.       That the purchase of S106 affordable homes from WV Living on the Prouds Lane site and the Sweet Briar Road site by the Housing Revenue Account (HRA) for use as council housing for Affordable Rent be approved.

 

2.       That authority be delegated to the Cabinet Member for City Assets and Housing, in consultation with the Head of Legal Services, to agree the purchase price of the S.106 homes, based upon an assessment of value provided by a Royal Institute of Chartered Surveyors (RICS) valuer.

 

3.       That the purchase of Shared Ownership properties from WV Living on the Prouds Lane site and the Sweet Briary site by the Housing Revenue Account (HRA) for leasehold sale by the Council for Shared Ownership, at the market value prices as given at Appendix 2 to the report be approved. The Council received grant funding from Homes England for the Shared Ownership units and the RICS valuations which determine the purchase price have been carried out in line with the methodology required by Homes England. 

 

4.       That authority be delegated to the Cabinet Member for City Assets and Housing, in consultation with the Head of Legal Services, for any minor variations to the Shared Ownership scheme required from time to time.

 

5.       That it be noted that further reports would be provided in relation to further HRA property purchases on WV Living sites.

 

Minutes:

Councillor Ian Brookfield presented the report on the planned delivery of new s106 affordable homes and shared ownership properties on the Peascroft site at Prouds Lane, Bilston and on the Sweet Briary and Sweet Briar Road sites at Ettingshall. The purchase the s106 affordable units at the sites, would fulfil the Council’s requirements of the s106 agreement by ensuring that the homes are let for affordable rent. It had the added benefit of replacing some of the affordable council homes sold through the Right-to-Buy legislation, as part of a planned programme of expenditure with 30 percent funding from Right-to-Buy Receipts.

 

Resolved:

1.   That the purchase of s106 affordable homes from WV Living on the Prouds Lane site and the Sweet Briar Road site by the Housing Revenue Account (HRA) for use as council housing for Affordable Rent be approved.

 

2.   That authority be delegated to the Cabinet Member for City Assets and Housing, in consultation with the Head of Legal Services, to agree the purchase price of the s106 homes, based upon an assessment of value provided by a Royal Institute of Chartered Surveyors (RICS) valuer.

 

3.   That the purchase of Shared Ownership properties from WV Living on the Prouds Lane site and the Sweet Briary site by the Housing Revenue Account (HRA) for leasehold sale by the Council for Shared Ownership, at the market value prices as given at Appendix 2 to the report be approved. The Council received grant funding from Homes England for the Shared Ownership units and the RICS valuations which determine the purchase price have been carried out in line with the methodology required by Homes England. 

 

4.   That authority be delegated to the Cabinet Member for City Assets and Housing, in consultation with the Head of Legal Services, for any minor variations to the Shared Ownership scheme required from time to time.

 

5.    That it be noted that further reports would be provided in relation to further HRA property purchases on WV Living sites.