Decision details

We recently conducted a test run of the new Right to Buy (RTB) Buy Back process on a Right of First Refusal offer for 24 Meadowbank Road, which was received on November 11th. The offer was for £270,000 for a 1-bedroom, first-floor property within a bungalow. Our assessment of the property included:
•A determination of the costs for bringing the home up to a lettable standard. The inspection revealed no issues, and the estimated cost for bringing the property to our empty homes standard is approximately £3,000. Overall, the property is in "good condition" and would be a beneficial addition to the Housing Revenue Account (HRA) stock in our opinion.
•A formal Royal Institution of Chartered Surveyors (RICS) Red Book valuation was conducted by our suppliers, Brasier Freeth LLP, which assessed the Market Value of the leasehold interest in 24 Meadowbank Road to be £257,500.
•Community Safety completed checks for reports of crime and Anti-Social Behaviour (ASB) connected with or adjacent to the address, including any risk factors associated with occupants of these addresses (police checks). "As far as 24 Meadowbank Road is concerned, there is no information which would represent a conflict for potential Right to Buy Back."
•Asset Management Checks: "We have 11 properties in Meadowbank Avenue and there is a program of work that would be carried out on 24 Meadowbank Road if we were to buy it. Based on all the information available, I would recommend this as a good addition to the stock profile."
DBC has allocated a dedicated annual budget of £1 million for the acquisition of Right to Buy properties. Our recent test run on the Right to Buy / Buy Back process for 24 Meadowbank Road has revealed that it would be a suitable addition to our existing housing stock.
Following negotiations with the seller, the original offer of £270,000 has been reduced to our market value assessment of £257,500.
Based on these findings, this report requests approval to purchase 24 Meadowbank Road, Kings Langley, WD4 8EP for £257,500, utilising the allocated budget for the acquisition of Right to Buy properties.

The homeowner of 24 Meadowbank Road, who originally acquired the property through the Right to Buy scheme, is now seeking to sell it back to Dacorum Borough Council. After conducting a thorough review and evaluation, including a condition survey, market valuation, and community safety report, it is recommended that the council makes a formal offer of £257,500 to purchase the property. Since the offer exceeds the £250,000 delegate authority for Assistant Directors to approve, approval from the CEO is sought.
The acquisition of 24 Meadowbank Road will enhance our existing portfolio of general needs housing stock, as it aligns with the 11 other properties on Meadowbank that we currently own and maintain.

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