Decision Maker: Director - Bindu Arjoon
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: No
To purchase XX, Exeter, at a value in the region of £ (with negotiation to a maximum of £135,000 based upon recommendation of ECC valuer) Stamp Duty should also be taken into consideration, that being in the region of £4,000 for £and increasing to £for £.
To make best use of the council’s housing assets, increase stock provision and rental income.
This property is a one bedroomed first floor flat within a council owned block of 8 flats and was purchased by the sitting tenant at the time under the Right to Buy. The Authority retains ownership of 5 units within the block.
The council has received an offer by the current leaseholder to purchase the property and it has been valued by the Authority’s valuer at around £135,000 subject to the condition of the property.
ECC wishes to make an initial offer of £130,000 (plus stamp duty) with a view to negotiating to a maximum value of £135,000 (plus stamp duty) and purchase the property for the following reasons:
This is the best option and will seek to streamline the HRA portfolio, reducing operational costs for repairs and planned works.
Publication date: 19/07/2019
Date of decision: 19/07/2019