Purpose

Cabinet Member Report (CMR) seeking approval
to provide additional equity/disbursement to all leaseholders to
cover all Stamp Duty liabilities to improve the reservations and
the sale terms to Returning Leaseholders in Phase 1 of Ebury
Bridge.  

Decision

Summary of decision

The Cabinet Member for Regeneration and Renters has approved the
additional sum of £616,775.00 up to a maximum of
£650,000.00 (to allow for changes in property values and SDLT
rates) being made available to the 14 Returning Leaseholders to
cover the SDLT Liability Gap; and that the Additional SDLT
Disturbance Payment will be secured by a charge on each relevant
property and will be fully recoverable by the Council upon the sale
of the Returning Leaseholder’s property or earlier at the
discretion of the Returning Leaseholder.

Reasons for decision
 
The Council considers that immediately
requiring Returning Leaseholders to pay the balance of the full
stamp duty liability when they purchase their new property would be
detrimental to the Returning Leaseholders, affect the Returning
Leaseholder’s affordability and potentially prohibit them
from returning to Ebury Phase 1.

Through this decision the Council will provide an Additional Stamp
Duty Land Tax (SDLT) Disturbance Payment to all 14 Returning
Leaseholders to cover the SDLT Liability Gap for the properties
being purchased in Phase 1 of the Ebury Bridge Estate.