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New Announcements 2008
New Announcements 2008
18 November 2008
• Key Worker Living – Change of MoD Policy
Due to a change of MoD Policy, the guidance box at section 2.2.5 of the KWL Chapter has been updated to show the new policy on Long Service Advance of Pay.
• Right to Acquire – Public Sector Landlords
The link to the list of eligible public sector landlords for RTA has been changed. Please see RTA 2.3.1.
• Payment tranches
The following chapters have been amended to reflect the change in payment tranches from a 50-50 split to 60-40: Programme Management (5.1.4, 5.2.3, 5.2.4), Finance (3.8.2), Repair (1.3.3) and Key Worker Living (5.2.2).
• Guide to valuing LA land
The Finance chapter has been updated at section 1.5.5 to show that the Guide to valuing LA land is still receiving government consideration.
17 November 2008
• DPF - New Determination 2008
The DPF determination has been revised with the effect that RSLs can now transfer DPF balances to other RSLs. The Determination is available to view in Recovery, DPF, Overview 1.1.1 (Guidance Box).
Further guidance on the transfer of DPF betweens RSLs is available in the DPF Chapter (Section 2.6).
• Remortgaging on Open Market HomeBuy Properties
New Guidance has been published on remortgaging for OMHB properties, in particular regarding situations where the mortgage loan to value ratio is increased. Please see the guidance box at OMHB 5.2.1.
31 October 2008
• New Build HomeBuy - Property Suitability
The guidance for NBHB 1.4.3 has been updated to clarify the requirements for property suitability
29 October 2008
• Open Market HomeBuy - Eligibility Criteria
Section 2 (Applicant Eligibility) and Section 5 (Post Sales Procedures) of the OMHB chapter have been amended to clarify eligibility criteria.
21 October 2008
• Options Agreements
Section 2 of the Rent to HomeBuy chapter has been updated with new guidance on the use of options agreements.
• Rent increases
Paragraph 4.1.3 of the Intermediate Market Rent chapter has been updated to reflect changes in the rent increase requirements.
• RCGF priorities - flexi-tenure
Paragraph 6.1.5 of the Recovery chapter has been amended to add flexi-tenure to the list of priorities for RCFG expenditure.
14 October 2008
• Resales for Key Worker Living applicants
Section 7 of the NBHB chapter has been updated to include information on Resales for Key Worker Living applicants
Section 2 of the KWL chapter has also been amended to reflect the new guidance
A new Key Worker Living NBHB proforma has been uploaded to the model leases page
06 October 2008
• Lease extensions for property still in shared ownership
The CFG has been updated to include guidance on the above. This has been added to section 7 of the New Build HomeBuy chapter. Please see subsection 7.7.
03 October 2008
• Withdrawal of the requirement to register a restriction at the Land Registry for shared ownership leases
Following Regulation Circular 03/08 on the withdrawal as above, amendments to the Capital Funding Guide have been published in the following areas:
New Build HomeBuy chapter, Section 5.1 and Section 5.2.
As a result of this change, new model shared ownership leases have been uploaded, and should now be used as appropriate. Access to previous model leases is currently suspended. It is hoped that this will be reinstated as soon as possible.
19 September 2008
• Rent to HomeBuy and Intermediate Market RentThe CFG has been updated to include 2 new chapters - Rent to HomeBuy (RtHB) and Intermediate Market Rent (IMR). These are available to view in the Rent section of the Guide.
12 August 2008
- Social HomeBuy - Applicant Eligibility
28 July 2008
- RCGF - Permitted Uses
There was an error in the CFG - RCGF, in respect of the permitted and non-permitted uses of RCGF which implied that work to existing stock funded before 1998 was an eligible use of RCGF. It is not – only work on pre-1988 stock is eligible. This error has now been corrected. Where RSLs have already entered into contractual commitments to spend RCGF on works to existing pre 1998 funded stock they should discuss individual cases with their respective Corporation Investment Teams.
04 June 2008
- Stamp Duty Land Tax for Shared Owners
Following changes to Stamp Duty on Shared Ownership property in the March 2008 Budget the CFG has been updated. Please see NBHB - Leases - 5.3.19 which explains how the Stamp Duty Land Tax now operates.
- Standardised Terms of Engagement - Compliance Audit
The CFG has been updated to include new Standardised Terms of Engagement with regards to Audit requirements for the Programme Partering Agreement. Please see General - Programme Management - 7.3 and 7.3.7 for more details.
15 May 2008
- First Time Buyers and NBHB and OMHB
The CFG has been updated to take into account the announcement that all First Time Buyers (FTBs) with incomes below £60,000 are now eligible to access NBHB and OMHB products. The requirement that FTBs must meet Regional Housing Board criteria has been removed. Please see NBHB - paragraph 1.4 for more details on applicant eligibility.
12 May 2008
- Self certification of Income
The NBHB chapter - Assessing Applicants Financial Capacity - 6.2 has been updated to include a requirement about self certifying of income by applicants. Please see paragraph 6.2.2a
April 2008
- General
New links to pages which contain the Funding Conditions and Programme Partnering Agreement have been created. When available these will contain the versions for 08-11. A further announcement will be made when they are available.
- New Open Market HomeBuy Chapter
A new OMHB chapter has been publisher to take into account the launch of the new OMHB products. The Chapter provides details on the products, who is eligible and the procedures that must be followed. Please click on the link to go the OMHB chapter.
There is still access to the old OMHB chapter. These are for information purposes only.
- Clawback for Key Workers
Clawback for key workers will no longer apply to the 2008-2011 NAHP. This means that providers of New Build HomeBuy will no longer need to use the key worker living lease, but use the standard New Build HomeBuy lease instead. The withdrawal of clawback provisions will also apply to Open Market HomeBuy.
For people who have existing leases issued on shared ownership terms or Open Market HomeBuy legal charges that contain clauses in respect of clawback, such clauses may be disregarded with effect from April 1st 2008. NBHB - Section 5 and KWL - Section 2 have been amended accordingly.
- NewBuild HomeBuy
This chapter has been updated with regards to it now being a requirement for RSLs to use the Affordability Calculator or something of similar standard. Please see NBHB - 6.2
- Social HomeBuy
The chapter has been updated to reflect April 2008 revision to policy in respect of further discounts, together with a small number of other variations such as the flexibility for landlord to share maintenance costs and the tenants ability to refer a disputed valuation to the district valuer on initial valuations. Please refer to the SHB chapter.
- Consents
Various chapters of the CFG have been updated to take into account the publication of the General Consent in February 2008 with regards to the disposal of property/land. For further information please see SHB Section 1.3.11, NBHB 2.5, NBHB 7.4.2, General Programme Management 4.4.6 and General Procurement and Scheme Issues 5.1.
- Compliance Audit
The Programme Management and Procurement and Scheme Issues chapters of the General Book have been updated to provide more clarity with regards to Compliance Audits. Please see Programme Management - section 7 and Procurement and Scheme Issues - Section 8 for more information.
- Recycled Capital Grant Fund
The RCGF chapter has been updated to take into account changes in procedures that need to be followed with regards to the redemption of equity loans. Please see RCGF 3.9.4
Click below for a list of changes made to the CFG in 2007.