If you own a shared ownership home, have owned one in the past or plan to buy one in the future, your opinion is needed.
Major consultations are being held to improve the home ownership scheme. Your opinion as a (potential) user will be an essential part of this.
Shared ownership This allows people to buy a percentage of a house and rent the rest. The idea is that by purchasing a stock, the buyer will need a smaller down payment and mortgage, making it much more affordable.
Owners can increase their stake in the property over time through a process called stairwells.
The problem is that according to the Shared Ownership Council (SOC) – an industry-led initiative that aims to improve the consumer experience of shared ownership – the plan doesn’t work for everyone.
It today unveiled and put out for consultation the draft Code of Good Practice for Shared Ownership (Code) to help drive reforms for both the sector and consumers.
Ann Santry, chair of the SOC board, said: “Shared ownership can play an important role in helping people gain a share of home ownership. The Code, launched for consultation today, aims to drive best practice across all providers and others who are part of the shared ownership journey.
“While we recognize the achievements to date, we must undertake further reforms in this term. The Shared Ownership Council is committed to playing a leading role in aligning stakeholders to support reforms that improve shared ownership for consumers and ensure tenure can fulfill its potential.”
The code will set out clear standards for the shared ownership sector, providing better protection for consumers throughout the process – from initial marketing to shared ownership life and sale.
Paula Higgins, CEO of the HomeOwners Alliance and board member of SOC, said: “Shared ownership consumers need fair treatment at all stages of their journey – from pre-purchase to living in a leasehold property to decide to move on.
“The Code, launched for consultation today, promotes better information, transparency and consistency and provides routes for dealing with complaints, and is a first step towards reforms to give shared owners a better deal.”