The HCA notification process for disposals of social housing by registered providers
As of 6 April the consents regime for disposals of social housing by Registered Providers (“RPs”) was consigned to the past.
However, before too many champagne corks are popped it should be noted that while the Homes and Communities Agency (“Regulator”) no longer needs to consent to disposals by an RP, it is still required to be notified of most disposals in accordance with new notification requirements prescribed by the Regulator using its powers under s.176 of the Housing and Regeneration Act 2008 (“HRA”). Failure to do so could result in a potentially damaging judgement by the Regulator of an RP’s “failure to comply with regulatory standards” (i.e. a downgrade).
While a Disposal could not be unwound by the Regulator any longer (as under s.172 of the HRA), it is arguable that a notice of failure to comply would be equally damaging to an RP in the long-term, and that these new requirements must not be taken lightly.
So where are the new requirements set out and does this mean all transactions will require notification? Click here to find out more.