LIFE will introduce a “Right to Sell” that allows all private home owners to sell their property to their local Community.
This policy will allow our ageing population and others to remain in their homes without having to negotiate the private reverse-mortgage market. (The “reliable and honest” option recommended by the 2013 Filkin Inquiry.)
Communities will set the price they are willing to pay for any home, so that they do not pay any more than it would cost to build an efficient social housing unit for the same occupants that are in the private home, and run it for 20 years.
Any private debt on the property in excess of the price paid by the Community will have to be written off by the finance house that provided the credit, without recourse to either the private seller or the new social owner.
This policy provides dignity for all, and the potential to to rebuild some of the social housing stock lost in the last 35 years.