• Menu
  • Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Before Header

  • Home
  • What is LKP
  • Find everything …
  • Contact
Donate

Leasehold Knowledge Management Logo

Secretariat of the All Party Parliamentary Group on leasehold reform

Mobile Menu

  • Home
  • What is LKP
  • Find everything …
  • Contact
  • Advice
  • News
    • Find everything …
    • About Peverel group
    • APPG
    • ARMA
    • Bellway
    • Benjamin Mire
    • Brixton Hill Court
    • Canary Riverside
    • Charter Quay
    • Chelsea Bridge Wharf
    • Cladding scandal
    • Competition and Markets Authority / OFT
    • Commonhold
    • Communities Select Committee
    • Conveyancing Association
    • Countrywide
    • MHCLG
    • E&J Capital Partners
    • Exit fees
    • FirstPort
    • Fleecehold
    • Forfeiture
    • FPRA
    • Gleeson Homes
    • Ground rent scandal
    • Hanover
    • House managers flat
    • House of Lords
    • Housing associations
    • Informal lease extension
    • Insurance
    • IRPM
    • JB Leitch
    • Jim Fitzpatrick MP
    • John Christodoulou
    • Justin Bates
    • Justin Madders MP
    • Law Commission
    • LEASE
    • Liam Spender
    • Local authority leasehold
    • London Assembly
    • Louie Burns
    • Martin Paine
    • McCarthy and Stone
    • Moskovitz / Gurvits
    • Mulberry Mews
    • National Leasehold Campaign
    • Oakland Court
    • Park Homes
    • Parliament
    • Persimmon
    • Peverel
    • Philip Rainey QC
    • Plantation Wharf
    • Press
    • Property tribunal
    • Prostitutes
    • Quadrangle House
    • Redrow
    • Retirement
    • Richard Davidoff
    • RICS
    • Right To Manage Federation
    • Roger Southam
    • Rooftop development
    • RTM
    • Sean Powell
    • SFO
    • Shared ownership
    • Sinclair Gardens Investments
    • Sir Ed Davey
    • Sir Peter Bottomley
    • St George’s Wharf
    • Subletting
    • Taylor Wimpey
    • Tchenguiz
    • Warwick Estates
    • West India Quay
    • William Waldorf Astor
    • Windrush Court
  • Parliament
  • Accreditation
  • [Custom]
Menu
  • Advice
  • News
      • Find everything …
      • About Peverel group
      • APPG
      • ARMA
      • Bellway
      • Benjamin Mire
      • Brixton Hill Court
      • Canary Riverside
      • Charter Quay
      • Chelsea Bridge Wharf
      • Cladding scandal
      • Competition and Markets Authority / OFT
      • Commonhold
      • Communities Select Committee
      • Conveyancing Association
      • Countrywide
      • MHCLG
      • E&J Capital Partners
      • Exit fees
      • FirstPort
      • Fleecehold
      • Forfeiture
      • FPRA
      • Gleeson Homes
      • Ground rent scandal
      • Hanover
      • House managers flat
      • House of Lords
      • Housing associations
      • Informal lease extension
      • Insurance
      • IRPM
      • JB Leitch
      • Jim Fitzpatrick MP
      • John Christodoulou
      • Justin Bates
      • Justin Madders MP
      • Law Commission
      • LEASE
      • Liam Spender
      • Local authority leasehold
      • London Assembly
      • Louie Burns
      • Martin Paine
      • McCarthy and Stone
      • Moskovitz / Gurvits
      • Mulberry Mews
      • National Leasehold Campaign
      • Oakland Court
      • Park Homes
      • Parliament
      • Persimmon
      • Peverel
      • Philip Rainey QC
      • Plantation Wharf
      • Press
      • Property tribunal
      • Prostitutes
      • Quadrangle House
      • Redrow
      • Retirement
      • Richard Davidoff
      • RICS
      • Right To Manage Federation
      • Roger Southam
      • Rooftop development
      • RTM
      • Sean Powell
      • SFO
      • Shared ownership
      • Sinclair Gardens Investments
      • Sir Ed Davey
      • Sir Peter Bottomley
      • St George’s Wharf
      • Subletting
      • Taylor Wimpey
      • Tchenguiz
      • Warwick Estates
      • West India Quay
      • William Waldorf Astor
      • Windrush Court
  • Parliament
  • Accreditation
You are here: Home / Latest News / APPG on shared ownership: L&Q wrong to hard sell ‘Black Friday’ knock-off flats to buyers. Urgent need for shared ownership re-sale data to be on Land Registry

APPG on shared ownership: L&Q wrong to hard sell ‘Black Friday’ knock-off flats to buyers. Urgent need for shared ownership re-sale data to be on Land Registry

September 22, 2023 //  by Sebastian O'Kelly

‘It is absolutely vital for consumers to see the resale data of shared ownership flats on the Land Registry. As a restricted tenure, it is not recorded at present. If it were recorded the retirement shared ownership offer would very likely look bleak,’ Sebastian O’Kelly, of LKP, tells MPs.

On Monday MPs in the APPG heard of issues around shared ownership … and yesterday the Advertising Standards Authority has found L&Q housing association wrong to have used “Black Friday” time limited offers to attract shared ownership buyers.

L&Q, which owns or manages more than 108,000 homes across England, was told its London Tube and social media Black Friday advert could lead consumers to feel rushed into making the “serious, complex financial decision” of buying a home.

“Black Friday, The Shared Ownership Way” prompted a complaint from shared ownership campaigner Sue Phillips, of Share Ownership Resources.

“To promote homebuying – one of the most risky and expensive purchases most people will ever make – by hijacking a marketing slogan associated with TVs, mobile phones, kitchen appliances, beauty products and the like, trivialises the decision,” she said.

“The ASA ruling demonstrates that housing associations don’t necessarily give people considering shared ownership the facts they need to make informed decisions, or the time to undertake meaningful due diligence.”

The ASA ruling is here: https://www.asa.org.uk/rulings/london-and-quadrant-housing-trust-a22-1176010-london-and-quadrant-housing-trust.html

The advert read: “Further text stated, “Brand new and ready-to-move-into homes available from £57,500 for a 25% share. Reserve between 16-30 November for only £99 and receive a £500 John Lewis voucher, plus more exclusive offers!* Find out more lqhomes.com/offers”. At the bottom of the poster, very small text stated, “Prices correct at time of print, based on a 25% of the full market value of £230,000. Terms and conditions apply,


Presentation to APPG by Sue Phillips, Shared Ownership Resources

Some of you might be wondering why I’m here to talk about shared ownership reform. After all, the Government recently introduced a new model for shared ownership.

However, although some aspects of the new model are welcome – for example, longer leases – there are 2 issues:

1. The reforms fail to address a number of key problems
2. Reforms are not retrospective, so do not help existing shared owners

So, what exactly are the problems with shared ownership?

Newspaper headlines over the past few months give us some clues.

Evening Standard – Alarm sounded over affordability as few Londoners “staircased” to full ownership last year

The iPaper – ‘I spent £16k in fees’: The homeowners forced to pay thousands to extend their lease

The Times – Shared ownership: what’s the risk of negative equity?

The iPaper – ‘Powerless’ housing association leaseholders hit with unexplained £3,000 service charge.

The Times – Paying rent as well as a mortgage? Get ready for a double whammy

Inside Housing – Financial watchdog warns landlords against providing pensions and loans advice to prospective shared owners

The iPaper – The perils and pitfalls of shared ownership schemes

The Lead – The next housing crisis: shared ownership?

HOWEVER it’s not just the media who are casting a critical eye over SO

The advertising watchdog, the ASA, ruled in Sept last year that the national shared ownership marketing campaign – created by the National Housing Federation – was misleading in significant respects: specifically, in the use of ‘part buy, part rent’ terminology, and in omitting costs of lease extension.

UNFORTUNATELY – the ASA ruling appears to have gone unremarked and largely ignored by the housing sector.

Who else is casting a critical eye over shared ownership?

Many of you will be aware that the LUHC Committee recently launched an inquiry into SO. Reassuringly for me, the Committee’s terms of reference align closely with key themes of my report Shared Ownership: The Consumer Perspective. Specifically, as regards –

• Affordability and ongoing financial sustainability
• Viability of full home ownership (whether SO is a pathway or destination?)
• Value for money
• Adequacy of monitoring data

SO what are the KEY MESSAGES of my report?

1. Affordability and VFM are not maintained over time.
2. There is no robust evidence that SO works as a pathway to full home ownership for a majority of entrants to the scheme. Some may end up trapped in a home that is increasingly unaffordable and unsuitable – with no viable exit route.
3. Satisfaction is lower than other tenures and declines over time. Many aspects of the scheme are perceived as unfair.
4. When it comes to consumer protection, shared owners are excluded from rights and protections available to other homebuyers.
5. The new model, and the new RtSO not only fail to address the most pressing concerns, but expose more financially vulnerable households to risk.
6. SO is extremely complex from both a financial and legal perspective. Increasingly, this is exacerbated by complex ownership and management structures.

SO FAR, I’ve outlined problems with shared ownership. But I’m not here to be unremittingly negative. My report makes 18 recommendations to address problems with the scheme, with a focus on:
• Legislation
• Regulation
• Design and delivery
• Marketing

Full presentation:

APPG-presentation-SO-The-Consumer-PerspectiveDownload

Related posts:

Land Registry publishes new data on leasehold and fleecehold deals to help buyers and nudge Rightmove shared ownership price fallsTelegraph reports plummeting value of shared ownership flats Advertising Standards Authority rules against Notting Hill Genesis on over-egged shared ownership adverts London Assembly membersShared ‘ownership’ is NOT ownership. It’s the ‘pay-day loan’ of housing and most regret having bought, London Assembly told Call for evidence on shared ownership, from the robust Communities Select Committee

Category: Latest News, News, Shared ownershipTag: Advertising Standards Authority, L&Q, Share Ownership Resources, Sue Phillips

Sign up to the LKP newsletter

Fill in the link here

Latest Tweets

Tweets by @LKPleasehold

Mentions

Anthony Essien (34) APPG (44) ARMA (91) Benjamin Mire (32) Cladding scandal (71) Clive Betts MP (33) CMA (46) Commonhold (56) Competition and Markets Authority (42) Countryside Properties plc (33) FirstPort (55) Grenfell cladding (56) Ground rents (55) Israel Moskovitz (32) James Brokenshire MP (31) Jim Fitzpatrick (36) Jim Fitzpatrick MP (31) Justin Bates (41) Justin Madders MP (75) Katie Kendrick (40) Law Commission (61) LEASE (68) Leasehold Advisory Service (65) Leasehold houses (32) Liam Spender (39) Long Harbour (51) Lord Greenhalgh (32) Martin Boyd (87) McCarthy and Stone (43) National Leasehold Campaign (42) Persimmon (49) Peverel (61) Property tribunal (49) Retirement (38) Robert Jenrick (33) Roger Southam (47) Sajid Javid (38) Sebastian O’Kelly (67) Sir Peter Bottomley (211) Taylor Wimpey (106) Tchenguiz (33) The Guardian (33) The Times (34) Vincent Tchenguiz (45) Waking watch contracts (40)
Previous Post: «Jack Spearman We support leasehold reform but not abolishing it and leaseholders are served by ground rents, says the Residential Freehold Association
Next Post: We all agree, yet we are still waiting for the leasehold reforms promised years ago, says Katie Kendrick »

Above Footer

Advising leaseholders. Avoiding disasters.
Stopping forfeiture. Exposing abuses. Urging reform.

We depend on individuals for the majority of our funding.

Support Us and Donate

LKP Managing Agents

Become an LKP Managing Agent

Common Ground
Adam Church
Blocnet property management2

Stay in Touch

To achieve victory in the leasehold game where you are playing against professionals and with rules that they know all too well - stay informed with the LKP newsletter.
Sign Up for Newsletter

Professional Directory

The following advertisements are from firms that seek business from leaseholders.
Click on the logos for company profiles.

Barry Passmore

Footer

About LKP

  • What is LKP
  • Privacy and data

Categories

  • News
  • Cladding scandal
  • Commonhold
  • Law Commission
  • Fleecehold
  • Parliament
  • Press
  • APPG

Contact

Leasehold Knowledge Partnership
Open Data Institute
5th Floor
Kings Place
London N1 9AG

sok@leaseholdknowledge.com

Copyright © 2025 Leasehold Knowledge Partnership | All rights reserved
Leasehold Knowledge Partnership Limited (company number: 08999652) is a company limited by guarantee that is a registered charity (number: 1162584) with the Charities Commission.
LKP website is hosted at www.34sp.com
Website by Callia Web