Mr. Michael Layde:

Yes. The property transfers from the owner of the property - the mortgage holder - to the lender and then onward to the approved housing body. We have managed to streamline the process considerably over the months but there is an inherent complexity. Any single act of conveyancing is prone to difficulty and when there are two that will be exacerbated.

The housing agency is a key partner in this matter. It has taken on the role of pulling the scheme together and we are beginning to see the benefits. It manages the relationship between the approved housing bodies and the lenders.

It is important to remember that at the heart of this matter is the household or family involved and within the process there are cooling off periods. It is a very big decision to forego ownership of one's home even though one will remain in the dwelling, which is central to the mortgage-to-rent process. Therefore, we must be respectful of that fact and be aware of the sensitivities involved. The process has been slow but we are gaining traction. We now have upwards of 2,000 potential cases within the system that have been identified by lenders. We also have 700 or 800 cases that have advanced significantly. We have a target for this year of 350 transitions, as we refer to them, and we are confident of meeting our target.