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Purchase - June 2012

After lengthy partnership working to find a suitable property in a community with limited housing options, we have completed the purchase of the home.  This is an exciting time for all involved, as the creative construction works can begin, adapting the property to meet the needs of the tenants who have been identified.  T.P Properties has, as usual taken the lead on property solution investigation; budgets; partnership building and liaison, and the building modifications that are required.

Often the journey of 'purchase' is perceived as an easy and straight forward one.  However, there are many more steps than imagined to ensure the success of a project; they can often happen in tandem as we strive to use time and resources effectively, and receive each party's approval.

  • The property selection

T.P Properties' skills encompass the whole realm of property development and acquisition, from the purchase of land and bespoke creations, to simple open market purchases.

The specification of this project is complex.  Each tenant has to have their own needs and desires holistically considered.  With partnership from the registered provider (RP) joint analysis of the brief was undertaken.  The first stage was to merely ascertain what dwelling would meet the practical requirements, with the associated costing coming second.  The housing specific parties agreed an existing market bungalow that met the criteria, would need modification to offer a successful home, and be the best solution.  

A blend of locality, support provision and physical adaptations knowledge is critical.  The desire is for a 'right first time' approach, to ensure that each party, whether support provider, housing benefit department, commissioner or tenant receives the best cost effective service.  Therefore, the time taken to discover the correct property can vary.

  • Costing

The construction contractor is often brought on board at this point, and has been on this occasion, to assist with the development of correct costings and timescales.  Such figures form part of T.P Properties' total scheme costing formula (TSC), and need to be calculated to allow for a final rent figure to be deduced.  This project contained a huge amount of figures to represent the changes required.  T.P Properties prides itself on transparent calculations, with every penny accounted for, and VAT duly considered.  Our history means that we have great skill in analysing the potential costs of a project - no mean feat when this could mean everything from the replacement of a roof, to a toilet door lock.  Such clear vision allows greater ease in managing the practical analysis of the budgets as the project progresses.

In this case a local construction firm has been selected following appropriate referencing. They had had previous experience in the building of adapted homes; demonstrated work of quality, and could work to budget and timescale.  The initiatives to support the local home development economy and offer 'greener' solutions where reasonably possible are adhered to wherever feasible in the process.  At this point a Warm deck flat roof and improved insulation have been proposed amongst other measures.  A reasonable contingency fund has also been calculated in consultation with the construction partner.

  • Housing benefit

The RP has taken the TSC figures formulated by T.P Properties and has duly formed a rent schedule. This has to be done prior to an offer on the property being made, in order to ascertain whether the scheme is indeed viable.

T.P Properties will only partner professional, proven organisations.  In this case the RP has used its good relationships with, and understanding of, housing benefit regulations and departments to gain an indicative approval of the rent levels associated with this scheme.

  • Partner agreement

At the same time as the necessary budgetary calculations have been being made, interested parties have been invited to view the property and offer their opinion.  It is of prime importance that all are satisfied with the initial proposal to avoid any costly poor property purchase.  In this case the commissioners and occupational therapy team have not only given their approval but also offered their professional judgement as to adaptations and layout.  These have been passed to the selected architect.

  • Architectural changes and planning

As a good relationship has been built with the vendor by T.P Properties, we have been able to gain access to the property for our locally instructed architect prior to purchase.  The architect has taken all opinions and aspects on board, including the disabilities of the proposed tenants, and has drawn up appropriate plans for planning approval.  These plans have been submitted to the planning department during the purchase legals phase.  It means that as approval has been granted, construction can commence as soon as purchase has been finalised.

The plans not only take on board the physical adaptations that are required, but also those that reflect a tenant's sensory deprivation; another's inability to cope with ramps; one person's desire to live in a more solitary fashion; and the ease and cost effectiveness of providing care into this setting.

  • Approved valuation

Prior to acquisition, an open market valuation of the selected property has been undertaken to ascertain that the right and fair purchase price is being paid.  This work has been completed by an approved valuer, as instructed by T.P Properties.

This approved valuation figure will form the basis of the reinstatement value (RV) for the appropriate development insurance package to be purchased.

  • Lease and underwriting

The lease and its related agreements have been floated to all necessary parties to seek their written approval of the terms.  A spade is not placed in the ground on a scheme until the necessary 'prior to purchase' paperwork process has been concluded.

  • Mediator

T.P Properties' position in the chain is one of mediator, investigator and instructor.  The Housing Procurement Officer assigned to this project has worked in a very holistic manner:

  1. Sourcing appropriate properties to meet the terms of the brief
  2. Inviting parties to view the property
  3. Seeking opinions and professional advice to influence property selection and contractor works
  4. Pulling together the necessary expertise to enhance property success
  5. Devising and monitoring budgets, timescales and rent levels
  6. Ensuring the 'paper trail' is understood and complete
  7. Reviewing state benefit and care delivery issues
  8. Community contact
  9. Finance liaison
  10. Vendor and estate agent contact
  11. Property purchase
  12. Arranging, chairing and writing up joint meetings
  13. Instructing contractors, valuers, insurers, architects etc.
  14. Trouble shooting, site visiting and creative problem solving

Therefore, it is with great anticipation that they and we look forward to the project now moving into the construction phase.

Do you need to review the previous stage of this project?  Easy, click here.  Should you wish to discuss this project more please feel free to contact Alex on alex.chadwick@tpproperties.co.uk; maybe we could help you next time?

Next step...Initial Assessment Visit

 

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