Shared Ownership offer for South Lambeth estate resident homeowners

Lambeth Council is planning to rebuild South Lambeth estate to provide better homes for current residents and more homes to help tackle the limited supply of housing in the borough. We have over 28,000 households waiting on our waiting list.

The council has developed Key Guarantees for resident homeowners which will provide a range of options to remain on the estate after it has been rebuilt. 

Below is the booklet which is a guide which contains options for resident homeowners:

The following options have been provided by the council in the Key Guarantees. This will help resident home owners obtain full or partial ownership of one of these new homes and remain living on the rebuilt estate:

The four options

A: Leasehold – you can buy a new home outright.

B: Zero Rent Shared Ownership - buying a shared ownership new home, where your existing mortgage can continue or a new mortgage can be obtained to partially own the equity on a new home.

C: With Rent Shared Ownership – this is where you buy a new shared ownership home but where your existing mortgage cannot continue or a sufficient new mortgage cannot be obtained.

D: Other options - where home ownership is no longer a realistic option, the council will explore other options with you, including a rented home on the rebuilt estate.

 

Making your decision

When the time comes to make your decision on which of the options for part or full home ownership you want to choose, the valuations of your home should be the main factor in your choice. The three options (A, B & C) all provide ways in which you can remain a home owner: either through outright ownership or shared/part ownership. You can also decide to sell your home to the council as well. Option D provides you, where home ownership is no longer a realistic option, the council will explore other options with you, including a rented home on the rebuilt estate.

Which of the four options (A to D) is available and best for you will depend on your own individual circumstances.

Getting help and advice

Special advice and information sessions which are going to be held in your area at the following places and times:  

22 October 2019, 4-8pm at 2 Broadstone House, Dorset Road, SW8 1AD

13 November 2019, 4-8pm at 2 Broadstone House, Dorset Road, SW8 1AD

To book an appointment you can:

Visit us online at: estateregeneration.lambeth.gov.uk/south_lambeth

 

Or by phone to Wendy Bohan (Resident Engagement Officer) on 0207 926 7026.

You can also get in touch with your independent resident advisor or attend one of their regular drop-in sessions - details are below:

Yvonne Williams
Independent Adviser (Tpas)
Tel:07445 823726
Email:whyemge5@gmail.com

Drop-In sessions: Every Tuesday from 3.30pm to 7.00pm in 2 Broadstone House, South Lambeth Pl, London SW8 1AD

 

Letting us know your views

At this stage, we know that many people will not have made up their minds about which option to choose. However, some people will already have a firm opinion about what they want to do. If you are already interested in following up on one of the four options, you can ‘express your interest’ now, with no obligation.

 

Compulsory purchase

You will also be aware that as a part of this investment in new housing, the council is working towards what is known as a compulsory purchase order (CPO) for the estate. Both the council and Homes for Lambeth want to reach a negotiated settlement with all those covered by the CPO. This includes resident homeowners like yourself.

The council had been intending to move to the next step of the CPO process in July by applying to the Government for the legal powers needed. However, to allow for additional time for homeowners to consider their options, the council have decided to delay making an application for compulsory purchase order powers until later this year.  When the council has an updated timeline, they will be in touch with you to confirm the position.

Please do book yourself up for one of the information sessions which we have set up for you and your neighbours. However, if you have any questions before those sessions take place, you can contact us by phone or email, the details of which are below:

Luke Kelly

Email: LAKelly@lambeth.gov.uk 

Phone: 020 7926 6320 / 07507 892 020

 

Keith Richmond

Email: KRichmond@lambeth.gov.uk       

Phone: 0207 926 2762 /07720 829 083

 

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