Right to buy for shared ownership?

varghesejim · 29 May 2015 at 2:27PM

Do anyone know if the right to buy for housing association properties is applicable to shared ownership properties?

bris · 29 May 2015 at 2:32PM

A whole 15 seconds found this https://www.gov.uk/shared-ownership-tenants

varghesejim · 29 May 2015 at 6:49PM

The question is about the houses where an individual can buy a certain share at the first instance. There are several properties like that in London in the open market.

Do the right to buy extension to housing association properties which is introduced this week will cover them?

kingstreet · 29 May 2015 at 7:11PM

Not yet clarified, but I can virtually guarantee there is no chance it will be extended to shared ownership.

It would fly in the face of the "no two lots of Government money in one transaction" rule.

As an example, you can't combine shared ownership with one of the help to buy options.

Extended RTB will apply to tenants only, IMHO.

kev1973_2 · 30 May 2015 at 9:52PM

Hi everyone
I have lived in a shared ownership property for 9 years. I own 30% share and pay rent on the rest. When I purchased the property there were no discounts available so I paid 30% of market value. I have effectively been paying rent on the remaining 70% at the standard housing association rate. In this case surely I should be entitled to the same discount that a tenant is offered as I have not received a government discount and have been renting (70%) for the past 9 years. The reason I ask this question is because I cannot afford to buy the property outright because my earnings are too low and the government discount would enable me to buy outright. Could I please have your thoughts/advice please? Thanks. Kevin.

kingstreet · 31 May 2015 at 6:34AM

Shared ownership is funded by the Government through the Homes & Communities Agency.

Twiglet12 · 31 May 2015 at 8:58AM

kingstreet wrote: »

Shared ownership is funded by the Government through the Homes & Communities Agency.

So is affordable rent in Housing Association properties, which I presume will be given Right to Buy?

Is this going to lead to further polarisation between the communities in new developments, who already have separate front and back doors for shared ownership and affordable rent occupiers? Those who have paid full market value and are paying full market rent on the rest will have no right to buy on that share, while those paying heavily subsidised rents will be able to acquire their whole property?

I don't agree with RTB anyway, particularly the new bill.

kev1973_2 · 31 May 2015 at 1:12PM

I still can't understand how I have benefited from shared ownership in comparison to housing association tenants. I paid market value for my share and pay rent on the remainder (the rent amount being the same as a housing association tenant minus the share that I purchased)?

kingstreet · 31 May 2015 at 2:24PM

I'm reporting what I think will happen and so far there is no firm information available.

If, when the plans are announced you feel you have a grievance, your MP should be a first port of call.

kev1973_2 · 31 May 2015 at 4:05PM

Thanks you. Do you have any idea when the final details will be available?

kingstreet · 31 May 2015 at 4:32PM

Sorry, I don't.

We're waiting for an announcement and full details too to see how this will impact us and our clients as we are newbuild/shared ownership specialists.

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Right to buy for shared ownership?

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