Search questions

• Reference: 2023/2686
• Question by: Hina Bokhari
• Meeting date: 20 July 2023

What meetings or engagements have you or your staff had with mortgage lenders or financial institutions to discuss mortgage support initiatives for Londoners?

• Reference: 2023/2708
• Question by: Hina Bokhari
• Meeting date: 20 July 2023

The ‘Key Information Document’ that registered providers are required to give to shared owners who buy a home funded by the 2021-2026 Affordable Homes Programme sets out that if the registered provider does not find a buyer within a specified period, shared owners can sell their property on the open market. However, the key information document does not set out what happens when the sale price achieved on the open market is below the RICS valuation price carried before the sale. This is a concern as, where the shared owner is selling 100% of his or her property through what...

• Reference: 2023/2709
• Question by: Hina Bokhari
• Meeting date: 20 July 2023

Where shared owners are forced to sell 100% shares of their property on the open market at a price below the pre-sale RICS valuation, for example in a distressed sale, they will in some cases be liable for any loss made on the share owned by the housing association, which they will have to pay for. Does the Mayor think that it is ethical for the GLA to recoup proceeds from such sales from a shared owner?

• Reference: 2023/2710
• Question by: Hina Bokhari
• Meeting date: 20 July 2023

Once the period when a registered provider has a 'first option to buy' or reallocate a shared ownership property is over, some shared owners can sell their own share themselves on the open market through an estate agent. However, some registered providers do not allow shared owners to only sell their own share on the open market, forcing them to sell all shares to a buyer on the open market in a ‘back-to-back’ staircasing and resale transaction instead. This can be very costly for the shared owner concerned, forcing them to pay stamp duty for example, or to cover any...

• Reference: 2023/2711
• Question by: Hina Bokhari
• Meeting date: 20 July 2023

The majority of shared owners in London bought properties funded by Affordable Homes Programmes (AHP) that preceded the current 2021-2026 AHP. They did not receive key information documents to inform them ahead of the most important purchase in their life. What is the Mayor doing to ensure registered providers who sold these homes are proactively sending similar information to their existing shared owners?

• Reference: 2023/2712
• Question by: Hina Bokhari
• Meeting date: 20 July 2023

Is the Mayor concerned about and monitoring the number of many shared owners in London who were trapped in the building safety crisis and had to sell their unmortgageable flat to cash buyers in a distressed sale?

• Reference: 2023/2713
• Question by: Hina Bokhari
• Meeting date: 20 July 2023

Since relaxing the rules about subletting for shared owners trapped in the building safety crisis, has the Mayor asked registered providers to let him know the number of shared owners who are currently ‘accidental landlords’ as a result of having unmortgageable homes?

• Reference: 2023/2714
• Question by: Hina Bokhari
• Meeting date: 20 July 2023

The Mayor has requested that a ‘key information document’ is sent to shared owners who buy a home funded by the 2021-2026 Affordable Homes Programme. Why is there no mention in the document of the fact that they could be liable for any loss on the share owned by the housing association in the event of a resale transaction taking place at a price below the pre-sale RICS valuation?

• Reference: 2023/2715
• Question by: Hina Bokhari
• Meeting date: 20 July 2023

The Mayor has used his Affordable Homes Programme’s acquisition budget to purchase properties from landlords in order to renovate them and convert their tenure to social rent. Why is the Mayor not providing funding to buy unmortgageable flats from shared owners who are accidental landlords and convert these to social rent?

• Reference: 2023/2716
• Question by: Hina Bokhari
• Meeting date: 20 July 2023

Does the Mayor know how many existing shared owners trapped in the building safety crisis in London are unable to extend their lease before the 80-year threshold and what action is he taking to ensure registered providers provide that information?