Lease Extensions

Meeting: 
MQT on 2013-12-18
Session date: 
December 18, 2013
Reference: 
2013/4763
Question By: 
Tom Copley
Organisation: 
Labour Group
Asked Of: 
The Mayor

Question

A constituent has contacted me about extending the lease in their shared ownership property. They own 50% of the property but cannot extend the lease without owning the property outright, which makes the property difficult to sell. Due to the increase in property prices buying outright has become very expensive. Will you lobby for a change to the existing legislation (the Leasehold Reform Housing and Urban Development Act 1993) so housing associations offer more assistance to Londoners who having invested in Shared Ownership are now effectively unable to move.

Answer

Answer for Lease Extensions

Answer for Lease Extensions

Answered By: 
The Mayor

The last government reviewed these issues in Sep 2009 and concluded that no action was necessary with regards to allowing an extension of the lease without full ownership.

I am committed for the shared ownership market to work in the same way as the private market.  As part of the consultation of my draft London Housing Strategy, the GLA will review these issues and consider the impact on shared owners in the future.