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Metropolitan Thames Valley Housing

LEADING HOUSING ASSOCIATION ANNOUNCES POLICY COMMITMENTS TO BOOST SECURITY AND CUT COSTS FOR SHARED OWNERS

Leading housing association Metropolitan Thames Valley Housing (MTVH) has announced several major policy commitments to boost security and cut costs for its existing and future shared ownership customers surrounding leaseholds and ground rents. In new commitments recently unveiled, MTVH will offer all pipeline and new leasehold residential sales a 990-year

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LEADING HOUSING ASSOCATION LAUNCHES SALES AGENCY

LAUNCH OF ‘SO RESI AGENCY’ MARKED BY PARTNERSHIP DEAL WITH BRICK BY BRICK IN CROYDON Today, the shared ownership brand of leading housing association Metropolitan Thames Valley Housing has announced the launch of its new sales agency, created to help make shared ownership more accessible to homebuyers.  SO Resi Agency’s

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Latest Issue

BDC 319 : Aug 2024

Metropolitan Thames Valley Housing

LEADING HOUSING ASSOCIATION ANNOUNCES POLICY COMMITMENTS TO BOOST SECURITY AND CUT COSTS FOR SHARED OWNERS

Leading housing association Metropolitan Thames Valley Housing (MTVH) has announced several major policy commitments to boost security and cut costs for its existing and future shared ownership customers surrounding leaseholds and ground rents. In new commitments recently unveiled, MTVH will offer all pipeline and new leasehold residential sales a 990-year lease, alongside ensuring that ground rents will not be charged on any pipeline or new sales on schemes where MTVH is the freeholder. This major policy commitment will be effective immediately. MTVH has also announced its plans to offer similar commitments to existing shared ownership customers at occupied schemes, with the option for customers to extend their lease to 990-years from June 2021 at a cost based on the share they own. Additionally, marriage value will no longer be considered when calculating the cost of a lease extension.[1] Geeta Nanda, Chief Executive of MTVH, comments: “We are pleased to announce our new policy commitments which are designed to boost security and cut costs for both our valued existing customers and future shared ownership customers at MTVH schemes. We are aware that these two issues are of importance to our customers and therefore are taking these steps to improve their shared ownership experience. “Throughout our policy review, we have been particularly mindful that upcoming changes to shared ownership policy do little to enhance the experience of existing shared ownership customers and we were keen to explore what could be possible and within our means. Given that new customers will be guaranteed the security of a longer lease term, it is only right that this is offered to our existing customers too.” Geeta adds: “We welcome the government’s wider proposals to implement 990-year leases across the shared ownership sector, but have taken the decision to act now to ensure our customers benefit from an extended lease length as quickly as possible.” In a step further, a raft of other measures that will benefit MTVH leaseholders more generally will be introduced from April 2022. This will include the phasing out of ground rents across MTVH’s portfolio where they own the land, and the option to extend their lease to 990-years, alongside the removal of marriage value. Geeta adds: “Whilst shared ownership has been impacted by some of the complexities of leasehold tenure, it is important that we address this across the board and ensure that any customers who have purchased through MTVH privately are offered a fair chance to extend their lease at an accessible cost too. We are pleased to be working on policy amendments that will allow all customers this option, as well as removing additional costs such as ground rents.” To find out more about Metropolitan Thames Valley Housing visit www.mtvh.co.uk. [1] Marriage value is the increase in the value of the property following the completion of the lease extension, reflecting the additional market value of the longer lease.

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LEADING HOUSING ASSOCATION LAUNCHES SALES AGENCY

LAUNCH OF ‘SO RESI AGENCY’ MARKED BY PARTNERSHIP DEAL WITH BRICK BY BRICK IN CROYDON Today, the shared ownership brand of leading housing association Metropolitan Thames Valley Housing has announced the launch of its new sales agency, created to help make shared ownership more accessible to homebuyers.  SO Resi Agency’s first deal is with Brick By Brick, the development company set up by Croydon Council to provide high quality and affordable homes across the borough. The newly established SO Resi Agency will handle the sale of these affordable homes, which will be available for purchase through shared ownership. The homes comprise of one, two and three-bedroom apartments alongside a small number of maisonettes, in keeping with demand for entry-level properties for local first time buyers.  The three schemes, located in Upper Norwood, Thornton Heath and South Croydon in South London, are designed by outstanding architects, including RIBA Stirling Prize-winning Mikhail Riches. Homes have been developed to a high specification, with timber parquet flooring, Silestone worktops, Bosch appliances and private balconies. All have a range of integrated energy efficient features to ensure their sustainability credentials, including secure cycle storage, solar energy, electric vehicle charging points, and an Environmental Performance Certificate rating of B or higher. Diana Alam, Head of Sales at SO Resi Agency, comments: “We are excited to announce our first partnership through our new SO Resi Agency, and to work together with Brick By Brick to increase levels of affordable homeownership in Croydon. Partnerships such as these create a genuine opportunity to leverage expertise and work alongside equally ambitious partners to accelerate the delivery of much needed local, affordable housing. “Croydon is a highly searched area on the SO Resi website, demonstrating that there is a clear demand from customers for shared ownership properties in this area as well as Greater London. We are pleased to be supporting Brick By Brick with the sale of these properties at three developments in the borough, which will allow aspirational first time buyers get onto the property ladder and secure their own home.” Colm Lacey, CEO at Brick By Brick, said: “Brick By Brick’s partnership with SO Resi Agency will help us to provide high-quality affordable housing to those who need it in Croydon and accelerate the returns we provide to our shareholder Croydon Council. These high-spec homes, which have been designed to our usual high environmental standards, offer a very appealing option for local people looking to take their first step onto the property ladder.” The award-winning team at SO Resi launched the innovative new shared ownership sales agency for external parties earlier this month, with an official virtual launch set to take place in February. The aim of SO Resi Agency is to provide greater access to affordable homes available with external parties including housing associations, local authority housing providers, investment funds or private developers able to promote their property on the SO Resi website. As well as promotional support, partners will be able to access the SO Resi teams’ shared ownership expertise including marketing and sales support. SO Resi partners will be able to gain increased exposure for their shared ownership properties via the agency website which already attracts approximately 60,000 visitors every month. Despite the unprecedented challenges the pandemic has posed for the country and the housing sector over the last year, SO Resi has continued to report high levels of demand for shared ownership due to its affordable route to homeownership. To find out more about SO Resi or the new homes available through Brick By Brick in Croydon, visit www.soresi.co.uk or call 0208 607 0550.

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