The Homeownership Policy is a crucial document that impacts all our freeholders, leaseholders and shared owners.
Update: Final review published - 31st October
Our vision is to ensure a safe, comfortable, and affordable home for every household. This policy outlines settle’s responsibilities toward service charge-paying freeholders, leaseholders, and shared owners to ensure a consistent management approach across these tenure types.
🔍Here's what we found:
The feedback focused not on the Homeownership Policy itself, but on ways to improve the pre 2021 Shared Ownership model.
🎯Here's what we've done:
In April 2021 the Government introduced a new version of Shared Ownership for the 2021-2026 Affordable Homes Programme. This introduced the following changes to the existing shared ownership scheme:
Reduced the initial share that can be purchased from 25% to 10%,
Introduced the option of staircasing in 1% increments for the first 15 years based on a valuation we’ll provide to you every April; larger shares can still be purchased with the minimum reducing from 10% to 5%
Introduced a 10 year period during which the costs of certain maintenance or repairs will be met by Settle rather than the shared owner (known as The Initial Repair Period).
The option for shared owners to end the nomination period at the 4 week point if they wish to pursue a sale on the open market rather than the previous eight week period.
These improvements were built into the new Shared Ownership Model lease (2021-26) which we implemented from 2022 onwards.
*Please note that the above changes are not retrospective and only apply to homes sold with the 2021-26 Shared Ownership Lease.*
You can read more about the changes we've made in the updated policy here, or you can find out more about the new version of the Shared Ownership Model on the Capital Funding Guide here.
Update:27th August
Thank you for all the feedback on our Homeownership policy! Your input is invaluable, and we are currently reviewing your suggestions.
Our vision is to ensure a safe, comfortable, and affordable home for every household. This policy outlines Settle’s responsibilities toward service charge-paying freeholders, leaseholders, and shared owners to ensure a consistent management approach across these tenure types.
🗣️Here's what we heard:
A recommendation that Settle should provide a maintenance/repair service to leaseholders for a monthly fee
Unjust that shared owners only own a share of the property but are responsible for 100% of the repairs
As a shared owner there are no benefits apart from high rent and high service charges that increase every year, and are significantly higher than other renters with no options such as discounted repairs
We are now reviewing all feedback and revising the policy based on what you said and will publish the updated version with all your thoughts included soon.
We aim for the policy to reflect residents' priorities.
Follow this project to stay informed at the bottom of the page and be the first to know!
This policy review is now closed.
The Homeownership Policy is a crucial document that impacts all our freeholders, leaseholders and shared owners.
Update: Final review published - 31st October
Our vision is to ensure a safe, comfortable, and affordable home for every household. This policy outlines settle’s responsibilities toward service charge-paying freeholders, leaseholders, and shared owners to ensure a consistent management approach across these tenure types.
🔍Here's what we found:
The feedback focused not on the Homeownership Policy itself, but on ways to improve the pre 2021 Shared Ownership model.
🎯Here's what we've done:
In April 2021 the Government introduced a new version of Shared Ownership for the 2021-2026 Affordable Homes Programme. This introduced the following changes to the existing shared ownership scheme:
Reduced the initial share that can be purchased from 25% to 10%,
Introduced the option of staircasing in 1% increments for the first 15 years based on a valuation we’ll provide to you every April; larger shares can still be purchased with the minimum reducing from 10% to 5%
Introduced a 10 year period during which the costs of certain maintenance or repairs will be met by Settle rather than the shared owner (known as The Initial Repair Period).
The option for shared owners to end the nomination period at the 4 week point if they wish to pursue a sale on the open market rather than the previous eight week period.
These improvements were built into the new Shared Ownership Model lease (2021-26) which we implemented from 2022 onwards.
*Please note that the above changes are not retrospective and only apply to homes sold with the 2021-26 Shared Ownership Lease.*
You can read more about the changes we've made in the updated policy here, or you can find out more about the new version of the Shared Ownership Model on the Capital Funding Guide here.
Update:27th August
Thank you for all the feedback on our Homeownership policy! Your input is invaluable, and we are currently reviewing your suggestions.
Our vision is to ensure a safe, comfortable, and affordable home for every household. This policy outlines Settle’s responsibilities toward service charge-paying freeholders, leaseholders, and shared owners to ensure a consistent management approach across these tenure types.
🗣️Here's what we heard:
A recommendation that Settle should provide a maintenance/repair service to leaseholders for a monthly fee
Unjust that shared owners only own a share of the property but are responsible for 100% of the repairs
As a shared owner there are no benefits apart from high rent and high service charges that increase every year, and are significantly higher than other renters with no options such as discounted repairs
We are now reviewing all feedback and revising the policy based on what you said and will publish the updated version with all your thoughts included soon.
We aim for the policy to reflect residents' priorities.
Follow this project to stay informed at the bottom of the page and be the first to know!
Homeownership Policy Review has finished this stage
This policy will be open for contributions on the 5th August.
Open
Homeownership Policy Review has finished this stage
This policy is open for contributions until 21st August.
Under review
Homeownership Policy Review has finished this stage
We are no longer accepting feedback for this policy and it is now under review. The project team will share the updated review soon.
Final review published
Homeownership Policy Review is currently at this stage
The final outcomes of this policy review are published here. This includes a summary of all contributions collected from residents as well as recommendations for future action.
