This IPC briefing paper, commissioned by the Maritime Charities Funding Group, offers guidance for housing providers and trustees of seafarer organisations on the advantages and practicalities of providing mixed-tenure developments, particularly for the older seafaring community.
Given the tendency of older people to be owner-occupiers, the paper examines alternatives to renting that allow seafarers to move into specialist accommodation while maintaining equity in their property – focusing on leasehold sale and shared ownership, and other permutations of those arrangements. Its findings are based on a review of literature on existing mixed-tenure projects and telephone interviews with three large providers of older people`s housing.
The paper examines the appeal of different tenure arrangements to prospective occupiers, and the potential financial advantages for providers/developers, including the use of sales receipts to offset borrowing on projects. It also looks at the risks involved – such as large upfront costs, and potential loss of control over re-sale – as well as the importance of thorough assessment of demand before beginning the scheme, and effective marketing thereafter, including informing GPs , hospitals, charitable and professional bodies. Practicalities are then addressed, including: the physical location of multiple tenure types within a development – whether integrated or segregated; arrangements for management and maintenance of properties; and support services for older people moving from ownership to leasehold, such as financial and legal advice, and moving services.
The paper concludes by addressing a series of particular concerns identified by interviewed providers, and likely to confront other providers moving into leasehold/shared ownership provision for the first time, and the lessons they learned in addressing them.
