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The voluntary Right to Buy deal announced at the NHF conference yesterday (24 September) has sent further shock-waves through the sector, with RPs having just a week to express their support – or otherwise – for the new proposals.
With details scant about the new deal, Crofton’s Head of Governance and Regulation Jo Savage, asks some of the key, and so far unanswered, questions that David Orr’s announcement has raised.
Clearly, there are many unanswered questions, but RPs will recall that voluntary sales are nothing new; this was widely used ten years ago under the voluntary sales guidance from the then Housing Corporation. However, this deal does seem like backtracking on an unpopular policy – but without backing down.
And giving RPs a week to discuss these proposals with boards and executive teams – essentially working in the dark because of the lack of detail – is hardly fair. However, it is on the face of it a better deal than previously tabled and, depending on the detail, maintains the independence of RPs.
If you would like to speak to us about any of these issues before consulting your Boards and making a decision on the proposal, or have a wider discussion about how you navigate the uncharted waters ahead, Croftons can help.
Croftons is the trading name of Croftons Solicitors LLP, a limited liability partnership registered in England and Wales with number OC343375. The term ‘partner’, if used, denotes a member of Croftons Solicitors LLP or a senior solicitor of Croftons Solicitors LLP with equivalent standing and qualifications. A full list of members is open to inspection at the office. Croftons is authorised and regulated by The Solicitors Regulation Authority (SRA) number 508041. Croftons has its principal place of business at The Lexicon, Mount Street, Manchester, M2 5FA.