Purpose

This report is in response to requests from the Isokon Residents Association, on behalf of shared-ownership leaseholders at the Isokon, for the removal of the 80% cap on the equity, that shared owners in the Isokon building can purchase.

This report is being submitted to the Executive Director for Investment, Place and Opportunity because the delegated authority to take this decision is not explicitly set out in the Constitution or elsewhere and is not a matter reserved to Members. In line with the Constitution, this decision is therefore deemed to be delegated to the relevant Executive Director.

Decision

Following consultation with the Cabinet Member for Better Homes, it is recommended that the Executive Director Investment, Place and Opportunity agrees that the Development and Sale Agreement between London Borough of Camden and Notting Hill Home Ownership Ltd, dated 14 March 2003, and the TP1 (transfer of ownership form) dated 8 September 2004 be varied to remove the 80% cap on equity.