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Underoccupying Leaseholders. Alison Breese – Director of Operations. Underoccupying Leaseholders. Scheme targets larger ex-Right to Buy properties within RP stock where leaseholder is underoccupying

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Underoccupying leaseholders

Underoccupying Leaseholders

Alison Breese – Director of Operations

Underoccupying leaseholders1
Underoccupying Leaseholders

  • Scheme targets larger ex-Right to Buy properties within RP stock where leaseholder is underoccupying

  • The home is repurchased at a discounted rate and the occupant gets an assured tenancy to a one or two bed property

  • Particularly targeted at older people who will take up sheltered or older peoples accommodation, where there is currently over-supply

  • Homes can be acquired using Purchase and Repair scheme and are eligible for grant funding

Underoccupying leaseholders2
Underoccupying Leaseholders

  • Pilot scheme in Thamesmead offered 25% below market value to resident

  • Resident and family accepted lower value based on benefit of assured tenancy

  • Ultimately purchase did not complete as the resident could not find a property that met her needs.

Lessons learned
Lessons learned

  • Influence of Family

  • Needs a lot of hand-holding

  • Is not viable without grant

  • What is a fair discount rate

  • Most leaseholders contacted interested in selling and remaining homeowners so discount would not apply

Is there a future for this
Is there a future for this

  • Makes good use of stock

  • Good value way of getting family-sized properties

  • Labour intensive and small market for this