Read on Twitter
1/Under the shared ownership scheme typically the minimum share you might have is 25%. However, regardless you still pay 100% of the service charges. In a defective building the freeholder can then charge you 100% of the costs of the remedial works.
2/This is despite not owning the remaining 75%. So, on a £300,000 apartment, you own £75,000. A typical bill for remedial works can be around £50,000. So, in order to not declare bankruptcy, you would need to pay £50,000 to keep your home with just your value of £75,000!
3/To see how absurd and mafia like this is imagine you were able to buy 1% share of the £300K apartment. That means you own £3K, worth of apartment, but in order to keep your home you would need to still pay the £50K remedial works, i.e. 17 times the cost of the value you own!
4/ Meanwhile the housing association who owns the remaining 99% does not have to pay a penny. Worse between the housing association, freeholder and the builder they are the ones actually responsible for the defective building in the first place.
5/ This is the reality right now for many leaseholders who simply did what the government told them to do to get on to the property ladder. Locked in to a "contract" one would expect to only be produced by a dangerous organised crime syndicate.
