Archived press release

Date Published: 22/06/06

Council last night gave its formal consent for the transfer of its housing stock to be transferred to the Vale of Aylesbury Housing Trust (VAHT), which is scheduled to take place on 17 July. Negotiations on the valuation of the transfer of the ho...

Council last night gave its formal consent for the transfer of its housing stock to be transferred to the Vale of Aylesbury Housing Trust (VAHT), which is scheduled to take place on 17 July.

Negotiations on the valuation of the transfer of the housing stock have now been completed. The council will receive an initial amount of £34 million (net of government levy and set up costs) at the date of transfer, and an estimated £53 million from right to buy sales and VAT arrangements over the next ten years.

Key to the whole process is the transfer agreement. This sets out the rights and responsibilities of both the council and VAHT. In particular, there are a number of covenants to ensure that VAHT delivers on the promises made to tenants in the offer document, in respect of tenancy agreements, repairs, modernisations and improvements to homes.

VAHT has undertaken to attend regular liaison meetings with the council during the first ten years so that the council can be satisfied that the housing trust is meeting all its obligations to tenants and the council. VAHT is also not allowed to change its constitution with regards to council or tenant representation on its board without the council’s agreement.

Councillor Michael Edmonds, Cabinet Member for Housing, Environment & Health, said, “This is a truly momentous occasion for the council and its tenants. I believe that our tenants made the right decision when they voted ‘yes’ to transfer in the ballot last year. The transfer agreement ensures
that all the promises made to tenants will be kept and secures a bright future for both tenants and the council staff who will transfer to the housing trust.

This council has always sought to do its very best for our tenants by providing them with decent, safe and secure housing, but we certainly could not match the level of investment in their homes that the Vale of Aylesbury Housing Trust will be able to offer them. Not only that, tenants will also be able to play a greater role in the management of their own homes, as five of VAHT’s board members are tenant or leaseholder representatives. This is truly a win-win situation for all concerned.”

There are just two more statutory approvals needed before the transfer can take place: registration of the board of VAHT by the Housing Corporation on 11 July; and Section 25 Consent from the Department of Communities & Local Government on 14 July.

Tenants will soon receive a letter and booklet from the council, which confirms the transfer date and lets them know of the split of responsibilities between the council and the housing trust once transfer has taken place.