A recent publication by the Transport Committee recommends that pavement parking be made illegal and for new offences to be introduced.
It seems to me many “new” housing initiatives are refinements of previous initiatives.
Looking at the Conservative’s latest proposal about shared ownership right to buy, where tenants have the right to purchase a 10% stake, concerns from associations about the impact that might have on their funding ability are well placed, given how funders currently treat shared ownership.
Housing associations are about housing those who are in the most housing need; if, given the stable home housing associations can provide, over time tenants have enough income to raise a mortgage, there are plenty of government initiatives to help them get on the housing ladder.
From my extensive experience of voluntary right to buy (VRTB), for many tenants raising a mortgage is going to be a struggle; so, in practice there are likely to be few takers. And for those who do take up the opportunity, they are likely to be “locked in” to their shared ownership lease, unable to increase their stake.
Given that locking in, assumptions lenders currently make about the numbers of shared owners who will staircase out would need to change, and I would hope with it would be their view on how much could be lent against the property. In a way, this is the creation of a new form of intermediate tenure.
For associations there will also be the challenge of improving the market for shared ownership resales (some might say though, that is long overdue). What would be disappointing is for these new shared owners to find they could only leave their homes by co-ordinating their sale with someone willing to purchase 100% of the property; resulting in a loss of much needed social housing.
If the aim of the policy is for tenants to have access to the wealth creation that traditionally has been home ownership, let’s blow the dust off equity stakes; remember the CIH’s “Homesave”? It isn’t about the mantra of homeownership; it is about sharing wealth creation opportunities with those who now have little chance of doing so.
For more information
Please contact Jonathan Cox.
Our response to the Government’s consultation “A New Deal for Renting” has now been submitted following the consultation closing on 12 October.
In response to the Women and Equalities Select Committee Report back in July 2018 on sexual harassment in the workplace, the Government is looking at a number of initiatives.
What do you do if an employee persists in raising the same concern, again and again, taking up copious amounts of management time and patience
Creating an inclusive and diverse workplace culture is no longer seen as “management speak” but rather as a necessity for success.
The Court of Appeal held that no pro-rata mechanism was included in the Working Time Regulations 1998, and so part-year employees were entitled to 5.6 weeks’ paid holiday just like their colleagues wo
In the latest Chambers and Partners rankings, Anthony Collins Solicitors has maintained its position as a Band 1 law firm.
An issue being brought into public view in the latter part of this decade, thanks to a healthy handful of royals and celebrities, is the existence of hidden disabilities.
Whilst we all wait in limbo for the UK’s future in Europe, Hazel covers some basics worth noting...
Looking at the Conservative’s latest proposal about shared ownership right to buy, concerns from associations about the impact that might have on their funding ability are well placed.
To receive invitations to our events, as well as information and articles on legal issues and sector developments that are of interest to you, please sign up to Newsroom.