Metropolitan Housing to make changes in shared ownership conditions

 From Inside Housing

Metropolitan Thames Valley Housing (MTVH), which owns and manages around 57,000 homes including much of the Chalkhill Estate in Wembley, has committed to offering all new shared owners 990-year leases following a policy review.

Existing shared owners, of which MTVH has around 8,700 through its SO Resi brand, will be offered the chance to extend their lease to 990 years from June 2021 for a cost based on the size of their equity share.

The changes will only apply to schemes where MTVH is the freeholder.

It will also scrap ground rents for all new sales on schemes where MTVH is the freeholder, effective immediately.

Marriage value – the property value increase following the lease extension – will no longer be considered when calculating extension costs.

From April 2022, all 6,500 MTVH leaseholders will see ground rents phased out on properties where the association is the freeholder, as well as being given the option to buy a 990-year lease extension without marriage value costs.

MTVH said the changes are intended to improve security and cut costs for its shared owner