RESIDENTS of a York flats complex have told of their confusion over Joseph Rowntree Foundation plans to buy back their homes.
When Rowntree Wharf, in Navigation Road, opened in 1990, people were offered the chance to buy a 50 per cent stake in homes there.
Now, under the lease clause, residents are being told they can either buy the remaining share of their flats at full current market value or sell back their 50 per cent at the original price plus ten per cent, minus three per cent for administration costs.
But residents have been left wondering why the clause is being invoked now, when house prices are at a high, and what it means for them.
Almost 30 people, some of whom have lived in the complex for 11 years and others for only months, gathered at a meeting last night to discuss the plans, which many say will leave them with huge financial losses.
The foundation, which says it is acting honourably, has offered free independent financial advice and help to any resident wanting it.
Residents are now preparing for their first official meeting with the foundation next Wednesday, where they will find out details about the proposals and the figures involved.
As it stands there is a lot of confusion over each individual's position as they have paid different prices, over several years, and have signed different leases. Some own 50 per cent and others a 75 per cent share of the property.
Some have consulted their solicitors and are considering complaining about the legal advice they were given, and others had been warned in advance about the clause and its consequences.
Despite individual circumstances they are preparing to act as one at next week's meeting, which could be the start of long-running negotiations.
Resident Mark Wormley said it was not the legality of the proposal, but its morality that people were questioning.
He said: "We have no legal standing on this. It's the morality we are wondering about.
"The whole idea of this was to provide affordable housing for people who couldn't normally afford it.
"These are the people that are more likely to miss out when push comes to shove - these are the people that can't afford the other half."
Updated: 11:13 Thursday, September 27, 2001
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