RESOLVED
1. That the Executive use its delegated authority to approve the purchase of the unencumbered freehold interest of 1 to 32 Wyatts Close and wider site for the total costs of £1,236,000 to be funded from the Housing Revenue Account.
2. that the Executive receive the background documents to the enfranchisement:
§ Opinion Letter from Bishop & Sewell LLP dated 28 September 2022 [Annexe One]
§ Valuation Report from Perry Hill dated 19 October 2022 [Annexe Two]
§ Settlement Agreement dated 28 September 2022 [Annexe Three]
§ Draft Agreement for Sale National Corp Limited (1) and Waverley Borough Council (2) [Annexe Four]
§ Transfer of Part (TP1) SY788504 £1,015,000 (freehold to houses at 1-32 Wyatts Close) [Annexe Five]
§ Transfer of Part (TP1) SY788504 £10,000 (roadways, verges and remainder of site) [Annexe Six]
3. and upon having considered matters in light of advice received from its advisors the Executive approves to:
i ratify the settlement agreement entered into between National Corp Limited and the Council on 28 September 2022, and
ii approve the budget virements schedule as at Annexe Seven
4. The Executive approve:
iii the purchase of additional land;
iv to exchange and complete the statutory contract for the purchase of the freehold to the houses in accordance with the provisions of the Leasehold Reform Act 1967; and
v to authorise the Interim Executive Head of Legal and Democratic Services to enter into any documentation required to effect the transaction.
Both steps being simultaneous as set out in the draft Settlement Agreement.
Reason
The Council in securing the freehold of this site will consolidate its holding in this site, to provide social housing and secure control for the future and the ability of considering it in combination with nearby holdings.
[This decision was taken under the urgency procedures set out in Part 4.5 of the Council’s Constitution and is therefore not subject to call-in]