Housing, Social housing, Property, Money, Society Business | The Guardian
Owners of homes marketed by housing associations as ‘affordable’ are planning a challenge as service costs spiral• ‘There is no way I can pay’: residents despair of steep costs and ‘poor door’Residents trapped in properties marketed as “affordable” are planning legal action against the government after being hit with service charges of up to £8,000 a year.Shared-ownership homes are designed to allow people to get on the property ladder, with residents taking a mortgage on a share and paying subsidised rent on the rest. However, there are also service charges, which can initially be £250 to £350 a month. Once sold, some residents discover these charges can rise to £600 a month or more. Continue reading…
Owners of homes marketed by housing associations as ‘affordable’ are planning a challenge as service costs spiral
• ‘There is no way I can pay’: residents despair of steep costs and ‘poor door’
Residents trapped in properties marketed as “affordable” are planning legal action against the government after being hit with service charges of up to £8,000 a year.
Shared-ownership homes are designed to allow people to get on the property ladder, with residents taking a mortgage on a share and paying subsidised rent on the rest. However, there are also service charges, which can initially be £250 to £350 a month. Once sold, some residents discover these charges can rise to £600 a month or more.
