Real estate services

Tender description

On 23.1.2013 the Contracting Authority concluded a Conditional Land Sale Agreement (CLSA) with E C Properties Limited (the Buyer) and Earls Court Limited. The CLSA grants the Buyer an option to purchase land owned by the Contracting Authority in the West Kensington and Gibbs Green Estates, subject to the Buyer having provided suitable replacement accommodation. The CLSA contains detailed obligations on both parties as regards land assembly, and governing the standard and terms on which replacement accommodation is to be provided. It is a key principle of the option enshrined in the CLSA that every current lawful resident of the estates should have the opportunity to purchase or take a secure tenancy of a replacement dwelling, which will be of a superior standard to their current 1. The CLSA is available online at: https://www.lbhf.gov.uk/planning/planning-applications/major-planning-applications/earls-court-planning-application/conditional-land-sale-agreement To achieve this, the CLSA deals, in detail, with the terms for purchasing the properties owned by leaseholders (Owners), and the basis on which replacement properties will be available to purchase, including compensation packages and financing incentives to be offered by the Contracting Authority. It also sets out how the position of existing secure tenants will be protected by making sure that appropriate replacement dwellings are available. As part of the CLSA the Contracting Authority has prepared a series of contracts for use in the various transactions which are proposed, including the grant of new secure tenancies, and these contracts are to be agreed with solicitors representing the current residents and with the Buyer. Under the terms of the CLSA, and consistent with promises made to residents, the Contracting Authority is obliged to create and maintain panels of professional representatives to assist current leaseholders and secure tenants free of charge with these processes. In particular, the Contracting authority intends to establish: 1. An independent panel of valuers is established to provide valuations for Owners under the purchase contracts; 2. An independent panel of valuers is established to resolve disputes in respect of valuations for Owners under the purchase contracts; 3. A panel of independent legal advisors to offer legal advice to Owners and Secure tenants with regard to their prospective entry into (and completion of) 1 of the purchase contracts.