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Underoccupying Leaseholders

Underoccupying Leaseholders. Alison Breese – Director of Operations. Underoccupying Leaseholders. Scheme targets larger ex-Right to Buy properties within RP stock where leaseholder is underoccupying

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Underoccupying Leaseholders

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  1. Underoccupying Leaseholders Alison Breese – Director of Operations

  2. Underoccupying Leaseholders • Scheme targets larger ex-Right to Buy properties within RP stock where leaseholder is underoccupying • The home is repurchased at a discounted rate and the occupant gets an assured tenancy to a one or two bed property • Particularly targeted at older people who will take up sheltered or older peoples accommodation, where there is currently over-supply • Homes can be acquired using Purchase and Repair scheme and are eligible for grant funding

  3. Underoccupying Leaseholders • Pilot scheme in Thamesmead offered 25% below market value to resident • Resident and family accepted lower value based on benefit of assured tenancy • Ultimately purchase did not complete as the resident could not find a property that met her needs.

  4. Lessons learned • Influence of Family • Needs a lot of hand-holding • Is not viable without grant • What is a fair discount rate • Most leaseholders contacted interested in selling and remaining homeowners so discount would not apply

  5. Is there a future for this • Makes good use of stock • Good value way of getting family-sized properties • Labour intensive and small market for this

  6. Questions and Comments

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