Valuation for Social Rents

[Jane Edwards]

Has anyone used a firm they can recommend to give a baseline valuation of social rent that we can apply to our proposed development of new almshouses please? It is likely we will need to charge social rent not affordable when we apply for Homes England funding. Why it’s so complicated I have no idea!

Many thanks
Jane Edwards
Berkswell Charities

[thesmac]

Hello Jane
Not sure whether the link below would help, we use it to keep track of housing allowance rates
https://lha-direct.voa.gov.uk/
Anne

[Jane Edwards]

Anne, thank you – we are pretty much up to speed on HA rates but we need advice on setting the base to calculate the rent (WMC) which I believe is the 1999 freehold value of similar sized properties. It’s a niche valuation. But necessary!
Anyone?? 🙂

[ncarter]

In a similar position… I understand what is required is:-

A Jan 1999 capital valuation is required to calculate the social rent applicable to the completed units. It should be a red book valuation of the sale value of the dwellings (or a sample one) assuming the remodelling was completed at that time and with vacant possession.

For valuation of a ground floor and first floor flats I’ve been quoted £1650 + VAT

Sounds a lot so I’m too trying to find an alternative.

[Jane Edwards]

Dear N Carter, I thought I had replied to thank you so apologies for it not appearing! It’s the 1999 figure we need but comparable figures are tricky to ascertain and that’s the skill. However we may just have found someone… fingers crossed!

Regards to all
Jane

[ncarter]

Jane

If you find someone I would be grateful if you would share the details as we are not far away from you in North Gloucestershire.

Thanks

Norman

[Jane Edwards]

Hi Norman, please email me direct at JaneEdwards@berkswellcharities.org ?

[Jane Edwards]

Dear all,
We met Matt Kitson from Thomas Lister this morning to show him our development site in order for him to undertake a red book valuation for social rents for what we hope will be our new almshouses. I am going to ask the almshouse association to add their name to the list of experts.

Thanks all for participating and helping me.

Regards
Jane

[ncarter]

I would agree with Jane our experience with Thomas Listers so far has been excellent and their pricing was competitive. Our case is conversion of our terraced housing into flats and they have understood our needs.

A case of this forum working in helping each other.

Norman
Chandos & Dent’s Almshouses

[Sue Missin]

Please remember when calculating the social rent that Almshouses had exemption from the rent cut in 2016 – it makes a significant difference, please ensure your model to calculate the social rent is bespoke and not one for a RP which would be calculating rents without any CPI increase

[Jane Edwards]

Sue, as we have, moments ago, received advice/calculation on this, I may need more detail please. Is there a paper in this?
Jane – Berkswell

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