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To: UK Government
Leasehold Reforms Must Apply To Shared Ownership
Include shared ownership in crutial leasehold reforms
Why is this important?
Shared Ownership is just as flawed and toxic as 100% Leasehold.
Shared Ownership needs legal reform to address these issues:
1. Lease extension premiums must be affordable. It has been left unregulated and unchecked, housing associations can, and do, charge 100% premium to extend! not 'affordable' or fair. You should pay your % owned of the premium not any more.
2. Selling shared ownership houses is complicated and costly. High admin fees and extensive fees are just the start
3. Unregulated and unchecked service charges are a huge issue - you are paying your council tax twice
4. Staircasing is overally complicated, not encouraged, and extremely costly in legal fees/admin fees alone. Shared Ownership is supposed to promote buying your home not hinder it
5. Rents are reviewed at RPI which seems unfair considering CPIH is used in housing costs, not RPI.
6. Housing Associations should have some financial responsibility to the house since they own a actual stake in the property.