|Council Plans "Right to Buy Part" Scheme for Tenants|
Claims it will create more opportunities for local people to buy homes
Hammersmith and Fulham Council says tenants in the borough are to be given more help getting on the housing ladder through Right to Buy (RTB) – with further discounts and the planned launch of a "right to buy part" scheme scheduled for 2014.
Cllr Andrew Johnson, H&F cabinet member for housing, says the council is going "the extra mile" in its bid to create more home ownership opportunities for local people.
H&F Council’s proposed "right to buy part" scheme, which received backing in the Mayor of London’s recent housing strategy, offers the sitting tenant the opportunity to buy a minimum of a 15% share of their home.
They will also be able to receive a proportionate amount of the RTB discount, and can later buy a larger part of the property when they wish, until they own it outright.
Under the scheme, council tenants will pay mortgage on their share of the house they own, while paying rent on the remainder of the property.
Meanwhile, the Government has announced that 2014 will see the maximum RTB discount for a house increase from 60% to 70% of its value. In addition, London’s £100,000 cap will start increasing in line with the consumer price index rate of inflation.
It also plans to establish new RTB agents to help guide people through the buying process, and provide £100m to set up a fund to improve access to mortgage finance.
Cllr Johnson says: “RTB has already helped hundreds of tenants in H&F to become home owners – and we want even more to be able to take that step.
" We welcome the Government’s decision to increase discounts and introduce greater support services as changes like this will obviously help this aim. "
Talking about Right to Buy Part, he says: " The scheme has incredible potential as it could give many tenants who are not yet financially able to buy their home outright the chance to do so bit by bit, over a period of time that suits them."
The council says it will begin consulting with tenants about details of the proposal in the near future.
For more information about RTB in Hammersmith and Fulham, contact:email@example.com or: 020 8753 6464.
The council's announcement comes as Hammersmith MP Andy Slaughter is accusing it of "social cleansing" following a report in the Financial Times on a deal between the council and developer Stanhope which " will see hundreds and possibly thousands of council housing in Hammersmith & Fulham demolished and replaced with properties for sale". You can read this story
January 10, 2014