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.
Decision type: Non-key
Decision status: Recommendations Approved
Notice of proposed decision first published: 21/02/2023
Decision due: 21 Feb 2023 by Assistant Director - Strategic Housing
Contact: Claire Hamilton, Chief Executive Conscian Morgan Business Analyst (Interim) Housing Transformation and Improvement Programme (HTIP) Dacorum Borough Council T: 07834 022311 E: Email: Conscian.morgan@dacorum.gov.uk Email: claire.hamilton@dacorum.gov.uk.