{"id":12016,"date":"2022-01-29T21:02:04","date_gmt":"2022-01-29T21:02:04","guid":{"rendered":"https:\/\/forcespenpals.net\/gb\/?p=12016"},"modified":"2022-01-29T21:11:49","modified_gmt":"2022-01-29T21:11:49","slug":"mod-to-reclaim-38000-previously-privatised-homes","status":"publish","type":"post","link":"https:\/\/forcespenpals.net\/gb\/news\/mod-to-reclaim-38000-previously-privatised-homes\/","title":{"rendered":"MoD to reclaim 38,000 previously privatised homes?"},"content":{"rendered":"<p class=\"root-block-node\" data-changed=\"false\" data-paragraphid=\"19\">This tale begins in 1996, when over 57,400 houses that were meant for military <span class=\"red-underline\" data-startindex=\"79\" data-endindex=\"90\" data-paragraphid=\"19\">service men <\/span>and women were sold off to Annington Homes for a whopping &pound;1.7 billion. The Ministry of Defence (MoD) is now looking to take back 38,000 of these homes.<\/p>\n<p class=\"root-block-node\" data-changed=\"false\" data-paragraphid=\"20\">The properties, sold to billionaire Guy Hands&rsquo; firm, will likely be locked in a fierce legal battle as the government tries to undo the deal<span class=\"red-underline\" data-startindex=\"134\" data-endindex=\"134\" data-paragraphid=\"20\">,<\/span> two-and-a-half decades later. Terra Firma is the firm that officially holds ownership through a 200-year leaseback deal. Not only this, but the houses were also actually offered up for a discount.<\/p>\n<p class=\"root-block-node\" data-changed=\"false\" data-paragraphid=\"21\">The property value has skyrocketed in the many years since the deal. Meanwhile, the MoD continues to pay over &pound;180 million in annual rent and another &pound;140 million in repairs and upgrades.<\/p>\n<p class=\"root-block-node\" data-changed=\"false\" data-paragraphid=\"22\">Terra Firma has gone on record saying it had no intention of going down without a fight and expected to win the <span class=\"red-underline\" data-startindex=\"113\" data-endindex=\"123\" data-paragraphid=\"22\">expectedly <\/span>&ldquo;very long and very expensive&rdquo; court case.<\/p>\n<p class=\"root-block-node\" data-changed=\"false\" data-paragraphid=\"23\">In a <a href=\"https:\/\/questions-statements.parliament.uk\/written-statements\/detail\/2022-01-27\/hcws563\" target=\"_blank\" rel=\"noopener\">statement<\/a>&nbsp;to the House of Commons on Thursday, Minister for Defence Procurement Jeremy Quin explained: &ldquo;Given our obligations to secure value for money, we have reviewed MoD&rsquo;s current arrangements with Annington&rdquo; and that the &ldquo;department will explore the exercise of its statutory leasehold enfranchisement rights to buy out Annington&rsquo;s interest in the homes and gain full ownership <span class=\"red-underline\" data-startindex=\"396\" data-endindex=\"401\" data-paragraphid=\"23\">rights<\/span>&ldquo;<span class=\"red-underline\" data-startindex=\"403\" data-endindex=\"403\" data-paragraphid=\"23\">.<\/span><\/p>\n<p class=\"root-block-node\" data-changed=\"false\" data-paragraphid=\"24\">Quin told MPs that the ministry had made a single claim for one house in a test case and planned to submit a further claim for another house in the near future.<\/p>\n<p class=\"root-block-node\" data-changed=\"false\" data-paragraphid=\"25\">He said if the cost of recovering full ownership was less than the present value of the MoD&rsquo;s ongoing liabilities, &ldquo;such a transaction is likely to represent good value for money. The MoD would then benefit from any future appreciation <span class=\"red-underline\" data-startindex=\"236\" data-endindex=\"238\" data-paragraphid=\"25\">in <\/span>value of the <span class=\"red-underline\" data-startindex=\"252\" data-endindex=\"257\" data-paragraphid=\"25\">units.<\/span>&ldquo;<\/p>\n<p class=\"root-block-node\" data-changed=\"false\" data-paragraphid=\"26\">In a statement, Terra Firma said: &ldquo;Annington has been aware since mid-December of the MoD&rsquo;s attempt to enfranchise a single property in Cranwell. This is the first time the MoD has indicated in any forum that it wishes to enfranchise more than one unit. We believe that, regardless of any legal merit, reneging on agreements that <span class=\"red-underline\" data-startindex=\"330\" data-endindex=\"332\" data-paragraphid=\"26\">had<\/span> been operating for over 25 years is an appalling thing for the British government to do.<\/p>\n<p class=\"root-block-node\" data-changed=\"false\" data-paragraphid=\"27\">&ldquo;Our advice is that while this will be a very long and very expensive legal dispute, we will <span class=\"red-underline\" data-startindex=\"93\" data-endindex=\"100\" data-paragraphid=\"27\">prevail.<\/span> However, <span class=\"red-underline\" data-startindex=\"111\" data-endindex=\"118\" data-paragraphid=\"27\">clearly <\/span>this does put the sale of Annington on hold. This is clearly extremely negative for the <span class=\"red-underline\" data-startindex=\"207\" data-endindex=\"215\" data-paragraphid=\"27\">investors<\/span> who include various UK pension funds and sovereign wealth funds representing strategic military allies of <span class=\"red-underline\" data-startindex=\"323\" data-endindex=\"330\" data-paragraphid=\"27\">Britain.<\/span>&ldquo;<\/p>\n<p class=\"root-block-node\" data-changed=\"false\" data-paragraphid=\"28\">What do you think, folks? Will the MoD be able to get these homes back? Will this move help <a href=\"https:\/\/forcespenpals.net\/gb\/support-soldiers\/\">support our soldiers<\/a> or make no difference?<\/p>\n<p class=\"root-block-node\" data-changed=\"true\" data-paragraphid=\"30\">\n<\/p>","protected":false},"excerpt":{"rendered":"<p>This tale begins in 1996, when over 57,400 houses that were meant for military service men and women were sold off to Annington Homes for a whopping &pound;1.7 billion. The Ministry of Defence (MoD) is now looking to take back 38,000 of these homes. The properties, sold to billionaire Guy Hands&rsquo; firm, will likely be [&hellip;]<\/p>\n","protected":false,"raw":"This tale begins in 1996, when over 57,400 houses that were meant for military service men and women were sold off to Annington Homes for a whopping \u00a31.7 billion. The ... 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