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@ResourcesShared

#SharedOwnership: A Manifesto for Change (10 proposals)
1. Full transparency from housing associations re long-term (full life cycle) costs
2. Jargon busters & other explanatory material to include lease extension, 80-yr threshold, marriage value & Zucconi

#SharedOwnership: A Manifesto for Change (10 proposals)
3. Lease length & yrs remaining included in sales particulars
4. Tenure (leasehold/assured tenancy) included in sales particulars
5. Provision of accurate, complete & honest info by marketing teams

#SharedOwnership: A Manifesto for Change (10 proposals)
6. Annual statement of yrs remaining in total & till 80-yr threshold
7. Policies in event of death of shared owner clearly communicated to all shared owners
8. Long-term shared owners involvement in planning/decision-making

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MTV_Tenant

@MtvTenant

1 It’s Shared Ownership Week. I’d like to share some facts about #sharedownership that are never made clear to buyers at the point of sale. Spoiler alert: you don’t have a foot on the ladder #thread #SOWeek2020 @ThangamMP @timfarron @Labour4Housing @RobertJenrick @ChrisPincher

2 Shared Ownership is NOT ownership. All you have is an assured tenancy for the duration of the lease. If you get into 8 weeks rent or service charge arrears the HA will repossess the entire property. You can lose everything. See Richardson v Midland Heart 2007

3. Nor is it shared. You are responsible for 100% of the maintenance of your property, regardless of the share that you own, and if it’s a flat, you and your neighbours will pay a service charge for 100% of the maintenance of the building.

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Shared Ownership Resources

@ResourcesShared

When I bought a 50% share in my #sharedownership flat in 1999 the flat was valued at £60k in total, so my initial mortgage was £30k. When I purchased the 2nd 50% share it cost around £80k. That's £110k so far. 1/3

In 2020, I still have £40k outstanding on the mortgage for the 2nd share, and my lease extension could cost a further £30k. So, 21 years after buying the initial 50% share of my #sharedownership flat, I still owe more than the flat was worth when I first moved in. 2/3

A #sharedownership flat worth £60k when I moved in could end up costing me around £140k. How is this #affordablehousing? How is it justifiable? 3/3
#ukhousing
@LKPleasehold @LondonAssembly @NLC_2019 @mhclg

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