Tom Bedford is a shared ownership leaseholder who is trapped by the cladding crisis
Leaseholders who bought their home using the Government’s shared ownership scheme face paying 100pc of the costs of cladding remediation even though they own only a fraction of their properties.
Campaigners have warned that these homeowners may have to pay out for repairs whose costs exceed the total equity they have in the property.
Under the shared ownership scheme, buyers can purchase a portion of a home and pay rent on the rest to a housing association, which manages the property. The idea is that they can then increase their share in increments, a process known as staircasing.