Decision details

Decision Taken:

1. To enter into all necessary legal agreements to acquire a property within Pool House, Church Street Estate, London (Church Street Site A) from the leaseholder for the purchase price acknowledged in appendix A. This includes home loss payment and disturbance payments in accordance with the council’s leaseholder policy and landlord offer (noted in appendices A and B).

2. To waive the outstanding Service Charges on the leasehold account. This is in response to a service drop as the wider estate became vacant and the leaseholder received no material benefit. The costs are attributed as disturbances and noted in the spreadsheet housed in Appendix A.

3. To accommodate SDLT payments for the replacement property in line with the Leasehold Renewal Policy. This will be up to or equivalent of the sold property of 18 Pool House. The property value is outlined in Appendix A – Offer Letter and Disturbance Payments documents.

Reasons for the Decision:

Vacant possession is required for Site A. There are significant financial, and programme benefits of completing acquisition ahead of CPO measures. The property in question is the last remaining occupied flat and will withhold active progression of demolition on Site A if not acquired. Several additional costs were involved in maintaining services until CPO measures could take effect in March. This will now be a savings at the point of sale but more importantly, all vacant possession can be stated as voluntarily agreed. This site has started demolition works. Obtaining site wide vacancy allows for a streamlined approach and without any hindrances going forward for the renewal development.