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Govt. proposes changes to streamline shared ownership

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  • 02/02/2015
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Govt. proposes changes to streamline shared ownership
The government is exploring the ability for housing providers to nominate a subsequent purchaser in shared ownership homes under its current form.

Announcing the proposals, housing minster Brandon Lewis (pictured) said owners of shared ownership properties faced “barriers and bureaucracy” when they came to sell their home.

Under current rules, anyone looking to sell a property purchased through government funded shared ownership schemes has to offer their housing provider first refusal.

This can lead to significant delays in the process as the housing provider is allocated eight weeks to decide whether to nominate another purchaser before the home can be put on the market.

Under the proposals outlined in a consultation document, shared homeowners would be able to offer their housing provider first refusal at the same time as putting their home on the open market.

Individuals who have purchased further shares to buy their property outright would not need to give the housing provider first refusal at all, the government said.

“Since 2010 we have pulled out all the stops to support those who aspire to own their own home. But when owners of shared ownership properties come to sell they face barriers and bureaucracy in their way,” Lewis said.

“That’s why today I am looking to streamline the process to make it easier to sell on shared ownership properties so those who want to climb the next rung on the property ladder can do so.”

The government is seeking responses to its consultation by 28 February. It can be viewed here and is inviting customers, lenders and providers to respond.

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