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Affordable rents: WHG experiences so far Presented by Anthony Riley (Group Director of Development & Operations) Gurmeet Virdi (Director of Operations – East Midlands). Contents. Finance – how does the programme stack up for WHG Delivery - What does it look like for WHG

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Contents

Affordable rents: WHG experiences so farPresented by Anthony Riley (Group Director of Development & Operations)Gurmeet Virdi (Director of Operations – East Midlands)


Contents

Contents

  • Finance – how does the programme stack up for WHG

  • Delivery - What does it look like for WHG

  • Affordable Rents –contemporarydataon rents across the region for WHG

  • Affordable Tenancies – feedback from customers of WHG

  • Policy – what is next?


Finance why are we doing them

Finance: why are we doing them?


Finance the hca criteria

Finance: the HCA criteria

  • Up to 80% of market rents

  • Inclusive of service charges

  • Linked to new fixed term tenancy agreements

  • Must include some conversions

  • Rents to be rebased on re-let (or renewal of tenancy)

  • Can be increased by up to RPI +0.5%


Finance the whg criteria

Finance: the WHG criteria

  • New tenure: Renewable 5 year AST

  • Assessment of voids for conversion to affordable rent

  • Capping increase at +25% current social rent (re-lets only) and < £20 pw

  • < 95% LHA (re-lets and new build)

  • Used staff and local RICS Agents, not Zoopla, Savills

  • Target 200 conversions from Social to Affordable Rent per annum


Delivery total referrals sept 2011 aug 2012

Delivery: Total referrals (Sept 2011 - Aug 2012)


Delivery whg returned as sr

Delivery : WHG – returned as SR


Delivery lettings oct 2011 to end aug 2012

Delivery: Lettings (Oct 2011 to end Aug 2012)

Q)Average length for a SR tenancy?

Q)% rental increase in real terms?

Q)Number of refusals?


Ar v the market rent an analysis of the market rents in leicester and nottingham

AR v the market rent:an analysis of the market rents in Leicester and Nottingham


Ar v the market rent an analysis of the market rents in leicester and nottingham1

AR v the market rent:an analysis of the market rents in Leicester and Nottingham


Ar v market rent additional costs on top of advertised rent and deposit

AR v market rentadditional costs on top of advertised rent and deposit

Schedule Of IndicativeCharges

Charge DescriptionDetailsAmount

  • Extension Fee per tenantFor each fixed term extension£75plus VAT per tenant

  • Extension Fee per tenancyFor a periodic tenancy £150 plus VAT Check Out Feededucted from deposit£75 plus VAT

  • Late Payment of Rent1st offence !!£75 plus VAT

  • Late Payment of Rentall subsequent offences£150 plus VAT

  • Premature cancellationdue if you cancel your instructionof Standing Order without landlord's permission£150 plus VAT


Ar v market rent more costs

AR v market rent……more costs

Schedule Of Indicative* Charges

Charge DescriptionDetailsAmount

  • Amend Tenancy Feeto change tenants mid tenancy £300 plus VAT

  • to change tenants at end of tenancy£150 plus VAT

  • Add permitted occupier to existing tenancy £50 plus VAT

  • Early Vacationcontact office for details1months rent Late Return of Keysat the end of Tenancydaily rent rate

  • Maintenance Call OutUser Error£75 plus VAT

  • Maintenance Call OutNon emergency out of hours**£150 plus VAT


Affordable tenancies feedback so far

Affordable tenancies – Feedback so far

  • Any negative responses to offers of an A/R  tenancy?

  • Have tenants queried why the rent is higher?

  • Have tenants queried the fixed term nature of tenancies? 

  • Have there been any post sign up queries about why neighbours (social tenants) pay less rent?

  • Are tenants generally happy with this tenancy type?

  • Has there been any raised expectations from A/R and if so, what have these been?


Affordable tenancies feedback

Affordable tenancies - feedback

  • Results of NLHT survey


Policy what happens at the end of the 5 year fixed term 1

Policy: What happens at the end of the 5 year fixed term? (1)

  • In the vast majority of cases a new fixed term tenancy will be issued.

  • Exceptions are:

    • Where it would breach charitable status (e.g where income is high)

    • Where property under occupied by more than 1 bedroom

    • Where breach of tenancy has been identified

  • Rent will be rebased to make sure it is no more than 80% of market rent at that time


Policy what happens at the end of the 5 year fixed term 2

Policy: What happens at the end of the 5 year fixed term? (2)

  • Tenancy would be formally reviewed at least 6 months before it is due to end. Usually at 4 years 3 months into tenancy

  • Aim to assess continued eligibility as outlined above

  • Report to be made to manager if as a result recommending termination of tenancy

  • If decision to end at least 6 months notice of termination needed and advice and assistance must be given to help tenant find alternative accommodation

  • WHG likely to resolve issue of downsizing

  • Appeal process is established in procedure


Policy where is it heading

Policy: Where is it heading?

  • 30/3/12 Minister hints at Affordable Rents repeat

  • Montague review

  • Housing and Growth package stimulus


Affordable rents so far

Affordable Rents – so far

questions or comments


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