Shared ownership question I can't find an answer too.

[marty21]

That's what I thought, it's a house. And what I read if you own the freehold you don't have a lease hold property anymore

You then have a freehold property

 

[19sixtysix]

If you have a joint free hold with other lease holders you still have a lease though it's customary to grant yourselves 999 year leases with peppercorn ground rent.

 

[Sasaferrato]

So what really is the point of leasehold properties?

Profit for the freeholder, also possession of the property when the lease runs out.

 

[donkyboy]

anyone know if shared ownership is possible when looking at right to buy council flat? was in a meeting last week and one of the guys there said he was looking to buy his council flat from council (not from housing association) and that part/shared ownership was available. I'm pretty sure that is not possible under RTB?

 

[Sasaferrato]

anyone know if shared ownership is possible when looking at right to buy council flat? was in a meeting last week and one of the guys there said he was looking to buy his council flat from council (not from housing association) and that part/shared ownership was available. I'm pretty sure that is not possible under RTB?

You haven't provided enough information to give an answer.

Are you talking about shared ownership, where one of the parties has RTB, or, are you talking about shared ownership between the owner and the person with RTB?

This is not Scotland because our government wants people to rent forever, then have nothing to leave to their children, despite having paid the value of the dwelling a number of times over.

Housing is a fully devolved matter, there is nothing to stop the government introducing legislation to the effect that when a house is sold, the money goes towards building a new one. .

Edited to delete gratuitously abusive statement.

 

[donkyboy]

You haven't provided enough information to give an answer.

Are you talking about shared ownership, where one of the parties has RTB, or, are you talking about shared ownership between the owner and the person with RTB?

This is not Scotland because our government wants people to rent forever, then have nothing to leave to their children, despite having paid the value of the dwelling a number of times over.

so he is a council tenant who rents from council. lives on his own in a one bedroom flat. has lived there for 6 years and now is thinking about RTB. He seems to think shared ownership is available for him so he can part buy his flat and the council keeps the other half.

 

[Sasaferrato]

If it's a house and you buy it outright then you should get the freehold. I don't know if that would come automatically with the purchase or if you have to arrange it separately, but you'll have a right to it.

There are so many things wrong with that answer that I don't know where to start.

 

[Epona]

so he is a council tenant who rents from council. lives on his own in a one bedroom flat. has lived there for 6 years and now is thinking about RTB. He seems to think shared ownership is available for him so he can part buy his flat and the council keeps the other half.

I didn't see anywhere that the council was involved.

Back in the '90s in England there were a whole load of shared ownership schemes starting up where the developer would allow mortgage on half the property and rent the other half to you, they would own the freehold and the property was on a long lease.

If now someone who took up one of these schemes in the '90s could buy the remaining 50% of the shared ownership scheme from the developer (which doesn't seem unlikely, 25 years later, if someone has paid off their original 50% mortgage and been careful with their cash) the legal paperwork would usually state that if it was a HOUSE then the freehold would be turned over to the shared ownership purchaser (possibly with an admin fee, but from what the OP says it doesn't sound as though that is the case here). For flats in a block with multiple occupants, the freehold/leasehold situation is more complicated, but OP clearly stated it was a house.

Edit: also in England since the law allows people in flats to group together to gain group control of the leasehold of flats they occupy - it is a criminal offence to deny that right - then I think legally the developer would HAVE to hand over the freehold of a single occupancy dwelling by law, once they no longer have a financial lien on it.

 

[Teaboy]

There's some odd responses here, are people getting confused with the original question from 2017 and the new one?

so he is a council tenant who rents from council. lives on his own in a one bedroom flat. has lived there for 6 years and now is thinking about RTB. He seems to think shared ownership is available for him so he can part buy his flat and the council keeps the other half.

I'm no expert on this but I would be surprised if councils were prepared to sell of their housing stock through RTB on a part ownership scheme. I don't see what would be in it for the council. The part ownership stuff I've seen was either through a private developer or a housing association scheme.

 

[scifisam]

so he is a council tenant who rents from council. lives on his own in a one bedroom flat. has lived there for 6 years and now is thinking about RTB. He seems to think shared ownership is available for him so he can part buy his flat and the council keeps the other half.

This does exist. It's called Social Homebuy. Not all councils or HAs do it, but if his does then he could buy a proportion of his property and probably also get a discount, though it's very small (max £16k if you buy the whole property). It's not really got anything to do with right to buy, but for some tenants it might be worth doing.

 

[donkyboy]

This does exist. It's called Social Homebuy. Not all councils or HAs do it, but if his does then he could buy a proportion of his property and probably also get a discount, though it's very small (max £16k if you buy the whole property). It's not really got anything to do with right to buy, but for some tenants it might be worth doing.

didn't even realise this existed. will update my colleague in the meeting. cheers.