A party seeking to restrict another's commercial activities must consider whether such terms are normal in similar, factual and contractual circumstances.
The report sets out the findings of the detailed research undertaken to better assess key aspects of the VRTB, such as profiling of tenants and stock, and the level of demand. The report underlines our experiences in working with the five associations, NHF and Department for Communities and Local Government to bring the VRTB Pilot to life. The findings of the report and lessons learnt from the Pilot will be invaluable to those considering taking part in the second VRTB Pilot, due to start this year.
Some of the key research findings identified were:
1) There was a fairly strong level of interest in VRTB as a proportion of those tenants who were living in eligible properties to apply.
The Report sets out that 27% of tenants in eligible properties expressed an interest with 6% going on to make an application. These figures would likely be higher in a national VRTB roll out which would be likely to include portability and wider property exemptions.
2) The average valuations of VRTB properties varied widely, reflecting marked local housing market differentials between the pilot areas.
We expect this to be a key factor in the implementation of the VRTB nationwide affecting the number of overall sales: we anticipate a real north/side divide as has been demonstrated by the figures in the Pilot.
3) By treating the discount as a deposit lenders were prepared to offer mortgages at relatively high multiples of household income, raising concerns about future financial risk for some applicants.
Many commentators have expressed doubt that eligible tenants will be able to obtain mortgages to purchase their homes. Our experience on the statutory RTB schemes is that mortgages are readily often available to purchasing tenants and the research shows that this trend has continued with the VRTB Pilot.
Our work on the scheme design, implementation and sales process for the VRTB Pilot means that we are uniquely placed to assist organisations who are considering taking part in the second VRTB pilot due to start this year (for more details click here).
For more information
This ebriefing considers the Government’s proposals for challenges, as set out in Chapter 7 of the Green Paper entitled 'Fast and fair challenges'.
We’re delighted to announce that we have been ranked in the top five national legal advisers in the Top 3000 Charities 2021 directory.
The Law Commission published its report on Technical Issues in Charity Law in September 2017 following a public consultation.
Changing charitable purposes and amending governing documents.
Charity registration financial thresholds.
One of the stated aims of the Green Paper is “to deliver the best commercial outcomes with the least burden on the public sector".
The proposals concerning dynamic purchasing systems (DPS) and framework agreements are the most disappointing aspect of the Green Paper.
Family team partner, Elizabeth Wyatt, is delighted to congratulate Kadie Bennett for attaining Resolution Specialist Accreditation in both children law - private and complex financial remedy matters.
To receive invitations to our events, as well as information and articles on legal issues and sector developments that are of interest to you, please sign up to Newsroom.