Shared owners on a Joseph Rowntree Foundation project have accused the charity of pushing them out of their homes in a row over cash.
As many as 30 shared owners at Rowntree Wharf in York are being asked to buy the other half of their equity or sell up so that the foundation can "realise its investment". A public meeting has been called next week to debate the plans.

Rowntree Wharf was built in 1990 from an old coffee warehouse in the city centre. Flats were offered on 50 per cent shared ownership, and the lease stated the trustees could require owners to buy the other half at any time after four years.

But the JRF did not exercise that right, and has never levied rent on the remaining half. It says the time is now right because property prices have risen.

But the owners, including several key workers, are incensed that they are being asked to buy as house prices soar. Some could be asked to find £50,000 to buy the remaining equity.

The foundation will buy back from owners who decide to leave – but only at the price they originally paid plus 7 per cent. That will leave them unable to buy elsewhere, they claim.

The JRF acknowledges that some owners who bought recently at high prices from previous occupiers will be left with negative equity. They are to be offered a new shared ownership lease, but must pay a market rent as well on top of £100-a-month service charges.

One owner complained: "The foundation should act responsibly. We are not asking for charity, just a fair whack.

"I cannot afford to buy so it looks as though I will be pushed out."

Foundation business properties director Cedric Dennis stressed the scheme was not social housing, and it was a "commercial decision".

He said: "This was an investment, done so that the foundation could unlock its investment in future, and the lease spelled out the terms clearly."

Income raised would fund JRF's charitable works, he added.

Meanwhile, leaseholders on south London's Stockwell Gardens estate are facing a choice between stumping up £5,000 in repairs, or selling their homes back to a housing association.

New owner Hyde Housing Association said government funding requires leaseholders to contribute to development of shared areas. It is offering to buy their homes for £15,000, but leaseholders claimed the flats have open market values of £100,000.

Leaseholders had the option of selling their home on the open market and providing themselves with alternative accommodation, a spokeswoman for Hyde added.

Source

Housing Today