#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
Jun 18, 2020 • 4 tweets • 3 min read
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
