Change the term ‘shared ownership’ to ‘assured tenancy leasing’

Background

We think the government should change the term of the shared ownership scheme to assured tenancy lease. We think this is because only a minority of people are able to buy the freehold, which is not always possible for a flat.

Additional details

We think that many consumers may not be aware of how the equity works and the freehold is not within their grasp. We think the term Shared ownership is mis-selling because we think many consumers may be unaware the equity is a depreciated tenancy. We think if the 80 year lease rules are not highlighted some consumers may have to pay thousands of pounds to extend a lease potentially with many pitfalls. We think the disadvantages of Shared ownership outweigh any advantages; it is not a transparent or fair transaction

Where it’s popular

Constituencies with the most signatures on this petition.