Decision details

Approval of the additional rehousing route for shared equity affected by regeneration

Cabinet considered a report from overview and scrutiny committee “The Impact of Regeneration and Leaseholders” in conjunction with this item.

RESOLVED:

1.  That the provision of a shared equity refocusing route for qualifying homeowners affected by regeneration be approved.

2.  That Directors’ discretion be allowed, to vary the recommended refocusing route in exceptional circumstances in accordance with paragraph 29 of the report.

3.  That any homeowners affected by regeneration who become council tenants and then subsequently exercise their right to buy (RTB), falling into financial hardship as a direct result in accordance with paragraph 34 of the report be excluded from the council’s borough wide hardship repurchase scheme.

4.  That with immediate effect, approval be given to the redrafting of precedent leases for sales of any property on shared ownership terms at 50% or lower to prohibit staircasing for a period of two years and that the precedent leases for sales of properties on shared equity terms at 50% are drafted to reflect the same, in accordance with paragraph 48 of the report.