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Contents

Gain insights from WHG group directors on financing, delivery processes, rent analysis, and customer feedback on affordable tenancies.

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Contents

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  1. Affordable rents: WHG experiences so farPresented by Anthony Riley (Group Director of Development & Operations)Gurmeet Virdi (Director of Operations – East Midlands)

  2. Contents • Finance – how does the programme stack up for WHG • Delivery - What does it look like for WHG • Affordable Rents –contemporarydataon rents across the region for WHG • Affordable Tenancies – feedback from customers of WHG • Policy – what is next?

  3. Finance: why are we doing them?

  4. Finance: the HCA criteria • Up to 80% of market rents • Inclusive of service charges • Linked to new fixed term tenancy agreements • Must include some conversions • Rents to be rebased on re-let (or renewal of tenancy) • Can be increased by up to RPI +0.5%

  5. Finance: the WHG criteria • New tenure: Renewable 5 year AST • Assessment of voids for conversion to affordable rent • Capping increase at +25% current social rent (re-lets only) and < £20 pw • < 95% LHA (re-lets and new build) • Used staff and local RICS Agents, not Zoopla, Savills • Target 200 conversions from Social to Affordable Rent per annum

  6. Delivery: Total referrals (Sept 2011 - Aug 2012)

  7. Delivery : WHG – returned as SR

  8. Delivery: Lettings (Oct 2011 to end Aug 2012) Q) Average length for a SR tenancy? Q) % rental increase in real terms? Q) Number of refusals?

  9. AR v the market rent:an analysis of the market rents in Leicester and Nottingham

  10. AR v the market rent:an analysis of the market rents in Leicester and Nottingham

  11. AR v market rentadditional costs on top of advertised rent and deposit Schedule Of IndicativeCharges Charge Description DetailsAmount • Extension Fee per tenantFor each fixed term extension £75plus VAT per tenant • Extension Fee per tenancyFor a periodic tenancy £150 plus VAT Check Out Fee deducted from deposit £75 plus VAT • Late Payment of Rent 1st offence !! £75 plus VAT • Late Payment of Rent all subsequent offences £150 plus VAT • Premature cancellation due if you cancel your instructionof Standing Order without landlord's permission £150 plus VAT

  12. AR v market rent……more costs Schedule Of Indicative* Charges Charge Description DetailsAmount • Amend Tenancy Fee to change tenants mid tenancy £300 plus VAT • to change tenants at end of tenancy £150 plus VAT • Add permitted occupier to existing tenancy £50 plus VAT • Early Vacation contact office for details 1months rent Late Return of Keys at the end of Tenancy daily rent rate • Maintenance Call Out User Error £75 plus VAT • Maintenance Call Out Non emergency out of hours** £150 plus VAT

  13. Affordable tenancies – Feedback so far • Any negative responses to offers of an A/R  tenancy? • Have tenants queried why the rent is higher? • Have tenants queried the fixed term nature of tenancies?  • Have there been any post sign up queries about why neighbours (social tenants) pay less rent? • Are tenants generally happy with this tenancy type? • Has there been any raised expectations from A/R and if so, what have these been?

  14. Affordable tenancies - feedback • Results of NLHT survey

  15. Policy: What happens at the end of the 5 year fixed term? (1) • In the vast majority of cases a new fixed term tenancy will be issued. • Exceptions are: • Where it would breach charitable status (e.g where income is high) • Where property under occupied by more than 1 bedroom • Where breach of tenancy has been identified • Rent will be rebased to make sure it is no more than 80% of market rent at that time

  16. Policy: What happens at the end of the 5 year fixed term? (2) • Tenancy would be formally reviewed at least 6 months before it is due to end. Usually at 4 years 3 months into tenancy • Aim to assess continued eligibility as outlined above • Report to be made to manager if as a result recommending termination of tenancy • If decision to end at least 6 months notice of termination needed and advice and assistance must be given to help tenant find alternative accommodation • WHG likely to resolve issue of downsizing • Appeal process is established in procedure

  17. Policy: Where is it heading? • 30/3/12 Minister hints at Affordable Rents repeat • Montague review • Housing and Growth package stimulus

  18. Affordable Rents – so far questions or comments

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