Grants are available to the CLT to fund a planning application (including the cost of employing an architects, surveyor, engineer etc.) and the Trust’s legal costs. Capital costs, including the purchase of the land and the development of the homes, are met by the CLT’s housing association partner. The land is paid for when a lease agreement is entered […]
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How does the CLT pay for the land (freehold)?
The CLT’s housing association partner pays for the land by entering into a long-term lease with the landowner; the landowner then transfers the freehold to the CLT for £1. This means that, without having to fund-raise, the CLT becomes the freeholder; in other words the ‘landlord’ to the housing association’s ‘tenant’. These transactions are formalised […]
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