A major consultation is being carried out to improve the homeownership scheme and your views as a user or potential user will form a vital part of this.
Shared ownership allows people to purchase a percentage of a home and rent the rest. The idea is by purchasing a share the buyer will require a smaller deposit and mortgage and this makes it much more affordable.
Owners can, over time, increase their share of the property through a process called staircasing.
The problem is, according to the Shared Ownership Council (SOC) – an industry-led initiative aiming to improve the consumer experience of shared ownership – the scheme is not working for everyone.
It has today unveiled the draft Shared Ownership Code of Good Practice (code) and it has put it under consultation so those in the industry as well as consumers can drive reform.
Ann Santry, chair of SOC Board said: “Shared ownership has an important part to play in helping people achieve a stake in home ownership. The Code being launched today for consultation aims to drive best practice across all of the providers and others who are part of the journey shared owners are making.
“However, while we recognise the achievements to date we must undertake further reform to this tenure. The Shared Ownership Council seeks to play a leading role in aligning stakeholders to support reforms that improve shared ownership for consumers and allows the tenure to fulfil its potential.”
The code will set out clear standards for the shared ownership industry which provide better protection for consumers throughout the whole process – from the initial marketing to living as a shared owner and staircasing or selling.
Paula Higgins, CEO of the HomeOwners Alliance and Board member of SOC, said: “Consumers in shared ownership need fair treatment at all stages of their journey- from pre purchase to living in a leasehold property to deciding to move on.
“The Code being launched today for consultation promotes better information, transparency and consistency whilst providing routes to deal with complaints and is a first step on the road to reform to give shared owners a better deal.”
- If you are a consumer and a potential, present or past shared owner we welcome your views on the Code or its summary version via a survey that can be accessed here.
- If you are an industry participant or body, we would like your views on the Code via a survey that can be accessed here.
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