Issue - meetings

Shared Ownership Policy

Meeting: 12/10/2020 - Cabinet (Item 11)

11 Shared Ownership Sales and Marketing Policy pdf icon PDF 108 KB

This report seeks approval for the Shared Ownership and Sales Marketing Policy, developed to set out the Council’s approach to selling shared ownership homes and to raise awareness of the scheme to potential applicants.

Additional documents:

Decision:

Cabinet RESOLVED to

 

(1)        Note the contents of the report.

 

(2)        Approve the content of the draft Shared Ownership and Sales Marketing Policy.

 

(3)        Delegate Authority to the Strategic Director for Community Well Being in consultation with the Lead Member for Housing and Welfare Reforms to make relevant changes to the Shared Ownership and Marketing Policy arising from any relevant changes to legislation or statutory guidance made by central Government.

Minutes:

The Cabinet Member for Housing and Welfare Reform, Councillor Eleanor Southwood, introduced the report which sought approval for a Shared Ownership Sales and Marketing Policy. Whilst the Council was not currently intending to develop their own shared ownership properties as part of its New Council Homes Programme, it was noted there may be an option to do so in the future depending on the outcome of the government’s current consultation on affordable housing. The approach towards shared ownership was, however, recognised as an affordable housing product, with a policy therefore needing to be in place to support any future acquisitions.   In addition, Cabinet noted that the Council had acquired a s106 scheme (Grand Union, Alperton) which included shared ownership properties to which the policy would need to apply along with any other potential acquisitions through s106 schemes.

 

Whilst noting the policy, had been designed to meet the regulatory requirements set out by Homes England and the Greater London Authority Affordable Housing Capital Funding Guide Members’ attention was drawn to the eligibility criteria detailed within the report and the way this would also be applied in relation to elected members, staff and their relatives.

 

In considering the options relating to length of lease available under the policy, Cabinet noted the preference to offer a 125 year lease, which was seen as a compromise between providing stability and ensuring affordability for potential purchasers and preventing the need for residents to pay for costly lease extensions.

 

In outlining their support for the policy and clarification provided in relation to the length of lease being offered, Cabinet RESOLVED to

 

(1)      Note the contents of the report.

 

(2)      Approve the content of the draft Shared Ownership and Sales Marketing Policy.

 

(3)      Delegate Authority to the Strategic Director for Community Well Being in consultation with the Lead Member for Housing and Welfare Reforms to make relevant changes to the Shared Ownership and Marketing Policy arising from any relevant changes to legislation or statutory guidance made by central Government.