Reasons to choose Wilson Browne
The Government has announced a proposed reform of the Shared Ownership Right to Buy Scheme to make shared ownership homes more affordable. Potential buyers will now have the right to purchase a share in their home starting as little as a 10%, with the ability to increase that share over time. This is quite a cut from the current framework requiring a minimum initial share of 25%.
In addition to this, further measures have been confirmed to allow tenants to increase their share in much more smaller increments, making it easier “to buy more of their own home”. This process is known as “staircasing”. At present, tenants would have to buy an increased share (i.e. staircase) in increments of 10%, however the new proposals have reduced this to 1%.
The Government confirmed that the fees to staircase will be fairer and more proportional in comparison to the current framework. This will be the same for tenants wanting to sell their home, in other words the Government are working on streamlining the resale process too.
The proposed changes and new Shared Ownership Right to Buy Scheme are likely come into force in 2020.