Standard leasing arrangements were first introduced in 2009 and are now delivered under the Social Housing Current Expenditure Programme. The scheme allows local authorities and approved housing bodies to lease suitable properties for periods of between 10 to 25 years. Standard leasing arrangements can cater for new builds or second-hand homes.
Under standard long-term leasing, property owners:
- receive payments regardless of vacancy periods.
- are paid up to 80/85% of the open market rent (depending on management service charge)
- have no rent collection or rent arrears obligations.
- do not have to register with the Residential Tenancies Board (RTB)
- retain responsibility for the structure and keep the property insured.
The local authority is landlord to the tenant and is responsible for day-to-day maintenance. Rent is reviewed on the third anniversary of the commencement date of the lease by reference to the Harmonised Index of Consumer Prices (HICP), and every third year thereafter.
Under the Housing for All plan, The Government will phase out the use of current leasing models by 2025 through phasing out new entrants to the current leasing arrangements.
If you have any queries, please contact Leasing on 01 222 5166 or by email [email protected]