Shared Ownership – More Details Published

On 1 April, the Government issued its response to the consultation confirming the new model will proceed with (1) a 10% initial share, (2) 1% annual staircasings for a minimum of 15 years, (3) 10 year free repair period (of up to £500 per year), and (4) Right to Shared Ownership.

The Government provided further details, including:

• Key Information Document requirement for prospective purchasers setting out responsibilities, processes and costs;
• Local Authority HPI valuations on an annual basis to aid 1% staircasing;
• Minimum 990 year lease term;
• Transitional arrangements for current planning applications although a written ministerial statement is awaited;
• Unsecured lending will be permitted; and