Shared Ownership Schemes
The question
To ask the Secretary of State for Housing, Communities and Local Government, what assessment her Department has made of the potential merits of resolving shared ownership arrangements of properties where offshore freehold ownership precludes staircasing.
Answered by Rushanara Ali
Leases for shared ownership properties, whether these are grant funded or Section 106 delivery, must follow one of the shared ownership model leases provided by Homes England or the Greater London Authority. These model leases contain a fundamental clause which ensures that staircasing is permitted. In certain types of shared ownership, staircasing is however restricted to below 100%, this is to ensure properties remain as affordable housing in perpetuity.
Properties sold by private developers, and without grant funding or through Section 106, are not required to follow a model lease when sold via a shared ownership arrangement.
Verbatim has judged this answer against the question that was actually asked — answered, partly answered, or evaded. Sign in to see the verdict →