PACCA TMO Stock Transfer Update Summer 2014
PACCA served Notice on LB Lambeth claiming the Right to Transfer 10 December 2013. This uses the new Housing (Right to Transfer from a Local Authority Landlord) (England) Regulations 2013, that came in to force on December 7 2013. Lambeth responded, admitting the Right to Transfer on 3 January 2014.
PACCA have begun the Feasibility Study stage set out in the Government’s Stock Transfer Manual, which involves identifying the residents’ aspirations from transfer, gathering information on the condition and price of the housing stock, and testing the financial and practical feasibility of how stock transfer could be achieved. PACCA is looking at both setting up PACCA as a Housing Association to take transfer of the stock and transfer to an existing Housing Association with PACCA as a Tenant Management Organisation (TMO) of that landlord.
PACCA has engaged highly experienced consultants to drive this process forward.
Lead Consultants are Open Communities that worked with 3 TMOs in Lambeth in their transfer to WATMOS in 2013. Neal has advised residents groups, housing associations and councils on over 20 stock transfer and regeneration projects nationally.
Ridge Consultants are a multinational property consultancy that provide multi-disciplinary property services. They have significant experience in advising Councils and Housing Associations on options for stock improvement, asset management, and repairs and maintenance.
David Hall, who advised the government on the national revision of Council’s Housing Revenue Accounts that led to legislation and a financial settlement for Councils to become self funding for housing in 2013.
Internal and External Stock Condition Surveys have been used to generate the early drafts of the Financial Business Plan. This will inform negotiations with LB Lambeth and the Housing Regulator on among other things the works needed to bring PACCA’s homes up to a reasonable standard.
The results of the Feasibility Study will inform the decision on the way forward in September 2014. The project may then move forward to the development stage that will either set up PACCA as a new Housing Association, or tender for a partner Housing Association to make an offer to tenants as the new landlord. Tenants ballot is projected for 2015.