Decision details

This report seeks permission to sell a Leasehold Equity Sharing Scheme for the Elderly bungalow at 12 Plantation Road, Sawston to South Cambs Ltd (trading as Ermine Street Housing).  South Cambs Ltd has identified a tenant for this property.  The proposed tenant meets all the requirements of the lease provisions being over 60 years of age and in need of sheltered housing.

The property was surrendered back to the Council on 18^th August 2017 after the existing tenant moved into residential care.  The Council under the terms of the lease was obliged to purchase the property back at market value. The purchase price was £147,000.  The property has since benefitted from updating, including a new kitchen.

The property was advertised on our Homelink register in December 2017 but no one  bid on the property.  As this property was standing empty we were approached by South Cambs Ltd to ask if they could purchase this property and let to a tenant who met all of the lease criteria. 

The Council has previously sold two Equity Share properties at 8 Uffen Way, Sawston and 3 Hollmans Close, Fulbourn to South Cambs Ltd. 

The sale price for this property has been set at £160,000 for the 75% share. The price reflects the current market value and covers the updating works..

Agreed to sell the property to South Cambs Ltd.

This is in line with our policy and procedures.

To employ a local estate agent to market the property on behalf of the Council. This was rejected as the Council would incur charges from the estate agent for finding a buyer which represent 1% of the purchase price and the property will remain empty until a buyer is found and the purchase completes.