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Matt_2018
#1 Posted : 26/09/2018
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Joined: 4/24/2018(UTC)
Posts: 2

Hi

We are looking to purchase some ex-council properties that were sold a number of years ago beyond the five discount repayment period.

These properties have become available on the market and we are looking into the possibility of purchasing. Are we able to treat the purchase as part of our RTB 1-4-1 replacement and use 30% Capital Receipt towards the financing?

Thanks in advance.
Richard Larkman
#2 Posted : 28/09/2018
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Joined: 2/24/2018(UTC)
Posts: 12
Organisation: Basildon District Council

Hi

Yes? They aren't social/affordable housing at the moment but when you purchase them the stock of such properties goes up so why wouldn't you be able to use 1 4 1 receipts? The fact that they are ex council properties would seem to be irrelevant the important point is that they are currently not affordable/social rented properties.

Also for information in case you haven't seen it in the current consultation on use of 1 4 1 receipts there are proposals to cap the extent to which such receipts can be use for purchases.

Thanks
Ms Susan Witherspoon
#3 Posted : 09/10/2018
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Joined: 2/24/2018(UTC)
Posts: 2
Organisation: London Borough of Barking and Dagenham

Richard
You can use RTB receipts towards buying ex RTB properties and use them towards 50% (not just 30%) of the cost of the property under the RTB Buy Back allowance rules. This rather obscure rule lets you use up 6.5% of your RTB funds in this way. Look up the RTB Buy Back allowance in the paper, Re-invigorating the RTB.
https://assets.publishin...ta/file/5937/2102589.pdf


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