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

Properties for sale at Les Cloches on approved shared equity scheme.

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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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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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: Les Cloches - Sales Prices.

Decision Reference: MD-H-2007-0069

Decision Summary Title :

DS – Les Cloches – Sale Prices

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 at Les Cloches on approved shared equity scheme

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 additional 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: £3.15m in immediate income plus £1.05m 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 at Les Cloches on approved shared equity scheme.

DATE OF REPORT:- 1 st October 2007

REPORT TO THE HOUSING MINISTER

PROPERTIES FOR SALE AT LES CLOCHES ON APPROVED SHARED EQUITY SCHEME – SETTING OF PRICES

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.

13 of the properties at Les Cloches, 11 of which do not have extant agreements to sell to States tenants have now been valued. All of these homes have first time buyer conditions attached in perpetuity and are eligible for sale under the approved shared equity scheme. The first time buyer market and 75:25% shared equity prices are as follows:

PROPERTY

FIRST TIME BUYER VALUATION

PROPOSED SHARED EQUITY SALE PRICE @ 75% OF VALUE

8 Les Cloches

£310,000

£232,500

13 Les Cloches

£295,000

£221,500

20 Les Cloches

£310,000

£232,500

23 Les Cloches

£295,000

£221,250

26 Les Cloches

£325,000

£243,750

27 Les Cloches

£325,000

£243,750

28 Les Cloches

£325,000

£243,750

29 Les Cloches

£325,000

£243,750

30 Les Cloches

£325,000

£243,750

31 Les Cloches

£350,000

£262,500

35 Les Cloches

£310,000

£232,500

37 Les Cloches

£310,000

£232,500

49 Les Cloches

£395,000

£296,250

 

Recommendation

That the Minister approve the First Time Buyer values and the sale of the homes to States tenants under the agreed shared equity scheme.

C Mavity

Director of Estate Services

1st October 2007

 

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