Decision details

Variation to DPR published on 29^th April 2015

Under the DPR the Council approved (inter alia)

3.       That in accordance with the resolution of Assets Regeneration and Growth Committee dated 8th September 2014 and the terms of the Development Agreement dated 1st October 2012 between the Council and Countryside Properties (UK) Limited, the Council agrees enter into shared equity mortgages in respect of the five newly constructed properties on the redeveloped estate identified at paragraph 1.10 below

On phase 1 the Council has agreed to enter into shared equity mortgages on 7 homes, 5 of which are awaiting completion. Under the terms of the shared equity agreements the council will hold a percentage of the value of the home and it has been agreed that stamp duty land tax will be paid on a proportional basis with the council being responsible for payment of the SDLT on its equity holding.

The actual amount payable may increase slightly  dependent on the final sale price at completion, but the provisional amount of SDLT that the Council will pay has been assessed at £50,137.50

This variation to the DPR seeks authority to Complete the Mortgage agreements and to pay the Stamp Duty Land tax due on each property in proportion to the equity interest retained by the Council  up to a maximum of £52,000