Home / Help & Advice / / Hammersmith to offer the ‘right to part buy’

Hammersmith to offer the ‘right to part buy’

Hammersmith & Fulham Council will present a proposal to its cabinet to offer tenants a shared ownership option under the right to buy scheme.

hammersmith to offer the right to part buy

A flagship Conservative council is set to announce a ‘right to part buy’ scheme, offering its tenants the chance to buy a 15 per cent share of their home.

Hammersmith & Fulham Council will present a proposal to its cabinet to offer tenants a shared ownership option under the right to buy scheme.

Andrew Johnson, cabinet member for housing in the west London borough, said buying a home outright under the current scheme was out of reach for most tenants, even with the £100,000 discount offered in the capital.

‘Giving council tenants the right to buy part of their council home brings the right to buy ladder down within reach,’ he said.

The capital raised would be reinvested in improving the council’s existing stock of 17,000 homes. A detailed proposal will be considered within the next few months. The council was unable to say if the shared owners would be offered a full £100,000 discount.

Sue Anderson, head of external relations at the Council of Mortgage Lenders, said prospective tenants should be cautious about their responsibility for maintenance costs. ‘If it’s a 100 per cent responsibility, that could be disproportionate for only a small level of equity,’ she said.

More than 10,000 council homes in England have been sold under right to buy since discounts were increased in April last year. Hammersmith & Fulham’s move comes as Hackney Council unveiled nine new homes which it is offering to tenants of social landlords under a shared ownership scheme.

Source:  Inside Housing

Image Source

Disclaimer: This article is provided as a guide. Any information should be used for research purposes and not as the base for taking legal action. The Tenants' Voice does not provide legal advice and our content does not constitute a client-solicitor relationship.

We advise all tenants to act respectfully with their landlords and letting agents and seek a peaceful resolution to problems with their rented property. For more information, explore the articles in our category.

The Tenants' Voice works in conjunction with Deposit Recovery Claims to assist tenants.

If you experience problems with your tenancy deposit, have disrepair in your rented property or suspect that your landlord should have a licence to rent your property but does not have one then you can receive a free consultation by calling our advice service: Call Tenant Assist on 0333 344 3788.

For more ways to reach us, please visit our contacts page.