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

Policy HD22: Valuation policy for the sale of homes in accordance with the Property Plan - approval of

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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  • demonstrating that good governance, and clear lines of accountability and authority, are in place around decisions-making – including the reasons and basis on which a decision is made, and the action required to implement a decision

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A decision made 1 April 2011:

Decision Reference:  MD-H-2011-0030 

Decision Summary Title :

DS – Approval of Policy HD22

Date of Decision Summary:

23rd March 2011

Decision Summary Author:

 

Carl Mavity – Director of Strategic Development

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:

23rd March 2011

Written Report Author:

Carl Mavity – Director of Strategic Development

Written Report :

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Subject:  

Valuation policy for the sale of homes in accordance with the Property Plan - A policy to set out the mechanism for valuing homes that will be sold

 

Decision(s):  The Minister approved Policy HD22, “Valuation policy for the sale of homes in accordance with the Property Plan”.

 

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 Strategic Development to ensure that all homes sold are valued in accordance with Policy HD22.

 

 

 

Signature:

 

 

Position:  MINISTER

 

 

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

Policy HD22: Valuation policy for the sale of homes in accordance with the Property Plan - approval of

 

Policy HD22

 

States of Jersey Housing Department

 

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

 

This policy will be used by the Housing Department to value those homes for sale in accordance with the Social Housing Property Plan (P6.2007) and is applicable for homes sold on the open market as well as those homes being sold at the First Time Buyer value to States tenants, where a deferred payment can be provided.

 

All in principle agreements to sell will always be ‘Subject to Contract’ and ‘Subject to Ministerial Approval’.

 

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 six months, whereupon if the sale does not complete by the 179th day following valuation the property will be re-valued.

 

On what basis will the homes be valued?

 

Those homes set out in annex C of the Social Housing Property Plan 2007 – 2016 offered for sale on the open market will be valued on an unrestricted basis unless the nature of the property requires that specific restrictions need to be enforced for instance to restrict further development.

 

In all other cases, unless otherwise specifically authorised by the Minister, 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.

 

 

 

 

 

 

 

Update Policy Register with Review Date

Policy Register.xls

 

 

 

Policy Drafted

 

12th August 2007

C Mavity

Director of Estate Services

 

 

 

 

Policy Reviews

 

 

Date

 

Reviewed By

Valuation validity period changed from 3 months ( 84 days ) to six months ( 179 days )

2 July 2008

D Caunce

Slight change to overtly refer to Open Market sales specifically

9 April 2009

C Mavity

Slight change to the first paragraph to overtly refer to the FTB value of homes being sold to States tenants

26 April 2010

D Caunce

Director of Sales & Lettings

 

No changes

23rd March 2011

C Mavity

 

Guidelines for updating Policy Documents

 

 

 

1

 

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