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L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

Approval of HD22 - Valuation Policy for the sale of homes in accordance with the Property Plan.

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

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A decision made (24/08/2007) regarding: Approval of HD22 - Valuation Policy for the sale of homes in accordance with the Property Plan.

Decision Reference: MD-H-2007-0057

Decision Summary Title :

DS – Approval of Policy HD22

Date of Decision Summary:

22nd August 2007

Decision Summary Author:

Carl Mavity – Director of Estate Services

Decision Summary:

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

 

Written Report

Title :

Valuation Policy for the sale of homes in accordance with the Property Plan

Date of Written Report:

12th August 2007

Written Report Author:

Carl Mavity – Director of Estate Services

Written Report :

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Subject: A policy to set out the mechanism for valuing homes that will be sold to States Tenants

Decision(s): The Minister approved Policy HD22.

Reason(s) for Decision: To ensure that a robust and transparent Policy exists for the valuation of homes prior to sale.

Resource Implications: NIL

Action required: Director of Estate Services to ensure that all homes sold are valued in accordance with Policy HD22.

Signature:

Position: MINISTER

Date Signed:

24 August 2007

Date of Decision (If different from Date Signed):

Approval of HD22 - Valuation Policy for the sale of homes in accordance with the Property Plan.

POLICY HD22

STATES OF JERSEY HOUSING DEPARTMENT

VALUATION POLICY FOR THE SALES OF HOMES IN ACCORDANCE WITH THE PROPERTY PLAN

This policy will be used by the Housing Department to value those homes for sale under the shared equity scheme set out in the Departments Property Plan.

All in principle agreements to sell are subject to contract.

Who will value the homes?

All homes for sale will be valued by a suitably qualified Chartered Surveyor M.R.I.C.S or F.R.I.C.S accredited.

A contract with a suitably accredited firm of surveyors has been put in place following a competitive tender process.

When will they be valued?

The homes will be valued individually at the time that they are sold. Given the buoyancy of the housing market and to ensure that pricing is accurate at the time of sale, no valuation will be older than 89 days, whereupon if the sale does not complete by the 89th day following valuation the property will be re-valued.

On what basis will the homes be valued?

Unless otherwise specifically authorised by the Minister, all homes will be valued at first time buyer market value and on the basis that first time buyer conditions apply in perpetuity

Effective Date

The policy shall become effective on the date on which the respective Ministerial Decision is signed by the Minister.


Policy Drafted

12th August 2007

C Mavity

Director of Estate Services

 

 

 


Policy Reviews


Date


Reviewed By

 

 

 

 

 

 

 

 

 

 

 

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