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Temporary to Permanent
The T2P model is highly flexible; designed to be tailored to a local authority's particular requirements and work with authorities' existing or preferred partners or bring in a new expertise where needed.
At the end of the lease purchase (typically 10 years) local authorities will have built up a capital fund which will allow them or their preferred partner to purchase the properties. These can then revert to an RSL or Arms Length Management Organisation (ALMO) as permanent accommodation.
The number of units that can be converted is variable, depending on the financial conditions prevailing in a particular area, e.g. house prices, HB cap etc. It is often possible to provide some permanent units from the outset.
Typically, local authorities will wish to appoint a managing agent to acquire and manage the portfolio. It will be important that the appointed managing agent has experience of running private sector leasing contracts.
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