Issue - meetings

To seek approval from Cabinet for the leasehold purchase of a residential property in Walton.

RESOLVED that the leasehold purchase of the property be approved, in principle, subject to Cabinet’s decision on terms and the necessary authorisations to enter in to a contract and transfer deed to complete the purchase of the property to be taken later in the meeting when it considered the related private and confidential report.

The Cabinet gave consideration to a joint report of the Housing Portfolio Holder and the Corporate Finance & Governance Portfolio Holder (A.6) which sought its approval for the leasehold purchase of a residential property in Walton.

It was reported that it was proposed to purchase the leasehold of a two bedroom first floor flat. The property was ex-Council owned and was being sold by the current owner. This Council already owned the nine other flats in the block and numerous others in the road. Buying back this property would make general improvement works and day to day management to this block an easier process. In addition, for a number of years the Council had had a strong demand for two bedroom accommodation/flats.

Cabinet was informed that, in August 2019, Portfolio Holder approval had been obtained in order to initiate the Council’s Property Dealing Procedure and to obtain an independent valuation of the property and to negotiate a price with the owner. The market valuation had now been obtained and negotiations with the owners had been completed satisfactorily which would enable the sale to be progressed to a satisfactory conclusion.

Having considered the information and advice contained within the joint report:-

It was moved by Councillor G V Guglielmi, seconded by Councillor Porter and:-

RESOLVED that the leasehold purchase of the property be approved, in principle, subject to Cabinet’s decision on terms and the necessary authorisations to enter in to a contract and transfer deed to complete the purchase of the property to be taken later in the meeting when it considered the related private and confidential report.