Decision details

Under the terms of the Regeneration Agreement for Dollis Valley the resident leaseholders on the estate have been offered the option of reinvesting the value of their existing properties into a shared equity purchase of a new home on the estate, under which agreement the Council would purchase and hold the balance of the equity.

Five leaseholders currently occupying properties in phase 3 of the development have opted to take up the Council’s offer and the Council now needs to provide the funding of the equity that it will retain in these five homes so that its development partner, Countryside, can complete the sales and move the leaseholders out of the homes which will need to be demolished for the next phase. The funding of the equity will be in accordance with the regeneration agreement. The value of the council’s shared equity and associated contributions in respect of stamp duty land tax will be to the development partner or paid in a lump sum to Countryside on completion of each property purchase.

1.    That in accordance with the resolution of Assets Regeneration and Growth Committee dated 12^th December  2016 and the terms of the Regeneration Agreement dated 1^st October 2012 made between the Council and Countryside Properties (UK) limited (CPUK), the Council agrees to enter into shared equity mortgages of the five newly constructed properties on the redeveloped Dollis Valley estate detailed at paragraphs 1.9 and 1.10 of this report and will pay  the value of the Council’s equity share to CPUK along with a sum in respect of the stamp duty land tax payable for each property in proportion to the Council’s equity share.