Non-profit for ever, guaranteed

Three Seas is entirely serious about creating permanent new housing for local people, that cannot ever be taken away or changed. This section explains how we will make that guarantee real.

Guarantee 1: The sale contract

The whole reason why we are getting old council homes buildings cheaply is that Cornwall Council believes our statements that they will be safeguarded in perpetuity. However, they are not actually willing to take our word for it – there are contracts and covenants involved. Each Sale Agreement (transfer) to us will be a fully detailed contract, setting out the restrictions on us as the new owners. These will include clauses that allow Cornwall Council to seize the building back from us if we try to sell it. We will publish the full Sales Agreement for eachj project.

Guarantee 2: The Registrar of Social Housing

The reason that we can obtain such large amounts of Government grant is that the money comes with very strict, very clear regulations about the spending now, and what happens to the flats in the future. The Regulator of Social Housing is a statutory body, whose job is to inspect, control and if necessary correct the operations of the country’s “Registered Providers of Social Housing” – we will be one of these. If the Regulator suspects any wrongdoing, they have enormous power, including the right to force new trustees onto a Board, take control of the organisation or even shut it down.

Guarantee 3: Our Board of Trustees

Our Board are skilled and experienced volunteers, who have agreed to give us their time and expertise because they believe that provision of good local housing is important. They are not in this for money – in fact, our Constitution expressly forbids them from ever earning anything. The Trustees are a strong safeguard.

Guarantee 4: Our investors

Every investor in our housing, whether for £100 or £25,000, has a vote and has genuine control over the future of the organisation. It won’t happen, but if ever the idea of selling / changing the plan came up, the investors have the absolute power to vote down the changes and stop them from happening.

Guarantee 5: The local people

We make a promise to the people of the communities where we work, which we will keep. The voice for residents is direct, by community campaigning, and also through local groups and Community Land Trusts if there is one. People will watch over the housing, be involved in the meetings and management, and will know if any untoward ideas come up.