Mon, 16 Jun 2025

Mon, 16 Jun 2025 Shared ownership: 'It's a con and we felt trapped'

Londoners, including couple Chris and Diana, share their experiences of shared ownership.

* Complaint figures have risen by almost 400% in the past five years, with the housing watchdog receiving numerous reports of issues with service charges, delayed repairs, and lack of transparency.
* Many shared owners are struggling to sell their shares due to unresolved building safety issues, high service charges, and short leases that cannot be extended.
* The Housing Ombudsman has described a "mismatch" between the expectation and understanding of shared owners and landlords, leading to breakdowns in relationships and complaints.
* Some shared owners have reported being "trapped" in their properties due to nomination periods and high costs, with one couple selling their property two years after buying it for £10,000 less than they paid.
* The Shared Ownership Council has developed a code to standardize best practices and consumer protection, but critics say it is "too little, too late".
* The government is considering measures to improve the experience of shared owners, including increased transparency of service charges.
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