Purpose

The first offer received progressed to £135,000 before being withdrawn. A subsequent offer of £145,000 has been received from a first-time buyer with a Decision in Principle in place.

Having considered the property's prolonged marketing period, the level of market interest generated, the offers received and the withdrawal of a previous purchaser, LCC's Professional Estates Team considers that the offer of £145,000 represents best consideration reasonably obtainable in the current market circumstances. Acceptance of the offer will secure a capital receipt, remove ongoing holding costs and liabilities associated with the vacant property, and avoid the uncertainty of continued marketing with no guarantee of achieving a higher sale price. Accordingly, approval is sought to dispose of the property to the first-time buyer for £145,000.

Decision

Approve the sale of the Farm House at a price of £145,000.

Alternative options considered

Option to retain was considered, however the farmhouse is surplus to requirements for the estate and this option was rejected, enabling a capital receipt.