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Information and public services for the Island of Jersey

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

Properties for Sale - October 2007.

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The Freedom of Information Law (Jersey) Law 2011 is used as a guide when determining what information is be published. While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.

A decision made (05/10/2007) regarding: Properties for Sale - October 2007.

Decision Reference: MD-H-2007-0070

Decision Summary Title :

DS – Properties for Sale – October 2007

Date of Decision Summary:

3 October 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 :

Properties for sale on approved shared equity scheme – October 2007

Date of Written Report:

1 October 2007

Written Report Author:

Carl Mavity – Director of Estate Services

Written Report :

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Subject:

To agree the market and shared equity values for the homes for sale

Decision(s):

The Minister approved the First Time Buyer values as set out in the report and the sale of the homes to States Tenants under the agreed shared equity scheme.

Reason(s) for Decision:

To ensure that prices accurately reflect the market.

Resource Implications:

Financial: £1,057,500 in immediate income plus £352,500 in stored up equity retained

Action required:

All sales to be carried out in accordance with Policy HD20 – Allocation policy for sales (MD-H-2007-0058).

Signature:

Position:

Minister

Date Signed:

Date of Decision (If different from Date Signed):

Properties for Sale - October 2007.

DATE OF REPORT:- 1 st October 2007

REPORT TO THE HOUSING MINISTER

PROPERTIES FOR SALE ON APPROVED SHARED EQUITY SCHEME – SETTING OF PRICES – OCTOBER 2007

On 17th July 2007 the States approved P6.2007 The Social Housing Property Plan 2007 – 2016.

That decision empowered the Housing Department to sell 26 properties on the open market as and when they were vacant and authorised the sale of 800 states rental homes to states tenants over a 10 year period.

On 24th August 2007 the Minister will recall that he adopted a policy in respect of the method of valuation for those homes to be sold MD-H-2007-0057 refers.

A competitive tender process was undertaken with local firms who hold M.R.I.C.S or F.R.I.C.S. accreditation. Buckley & Company submitted the lowest compliant tender and have been appointed to carryout valuations on the Department’s behalf.

All valuations provided will be valid for a maximum of 89 days.

A number of tenants planning to purchase at Les Cloches are presently occupying homes in areas where the Department plans to sell homes to tenants, for instance Grasset Park and Oak Tree Gardens. These tenants have expressed a desire to be able to consider whether they would prefer to purchase the home they are presently living in rather than one of the new homes at Les Cloches.

PROPERTY

FIRST TIME BUYER VALUATION

PROPOSED SHARED EQUITY SALE PRICE @ 75% OF VALUE

33 Grasset Park

£475,000

£356,250

53 Grasset Park

£300,000

£225,000

80 Grasset Park

£300,000

£225,000

27 Oak Tree Gardens

£335,000

£251,250

 

Recommendation

That the Minister approve the First Time Buyer values and the sale of the homes to the present occupants or in the event that the present occupants exercise their existing option to purchase at Les Cloches that the properties be offered to other States Tenants for sale under the agreed shared equity scheme as set out in the Property Plan and the Allocation Policy for Homes for Sale Policy HD 20 (MD-H-2007-0058 refers).

C Mavity

Director of Estate Services

1st October 2007

 

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