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You pay 100% stamp duty, management, maintenance, ground rent and service charges, all of your freeholder's legal costs,
This is true. But all these costs can easily be outweighed by the desire to have a fixed abode and the rise in value.
Let's say you buy 40% of an average (!) £500k house for £200k. You stay there 10 years. At an average of 7% growth a year when you come to sell your bit is £390k. Ain't no way you'll pay £190k in repairs and costs.
If you're in an area where prices don't rise much then @BQ is right tho.
Hefty
My mate took an interesting approach to the "it must be first sold via the housing association at market value" clause..
Marketed it via an external estate agent, had some offers and then said to the housing association that this was the market value if they wanted to try and sell it.