The proposal is to purchase the leasehold interest of the two bedroom property at 9 Homerton Close, Clacton which is leased under the Council's Do It Yourself Shared Ownership Scheme.
The background and reasons for the decision are as set out in the accompanying report.

To purchase the 50% leasehold interest in 9 Homerton Close, Clacton on Sea held by the current lessees, Miss Stewart and Mr Lowe.
The purchase of this leasehold interest will have the effect of the leasehold interest merging with the freehold interest meaning that the Council will then own the whole property absolutely.

Option 1 - Not to purchase the fifty per cent leasehold interest in this property.
However, the Council has strong demand for two bedroom accommodation in the Clacton area and purchasing a part share in a property represents good value for money. There are sufficient funds available and the purchase contributes towards the Council's priorities.