If you’re interested in buying one of our homes, there’s some important information for you to understand. Our Shared Owners told us there were 5 key things they would like to know more about:
You’ll still pay us rent for the shares of your home that we still own. This will increase each year in line with inflation + 1% (see your lease for specific details), but the more of your home that you own, the less rent you’ll need to pay us.
Section 3 of your Key Information for Shared Owners has further detail on this, which we advise you read.
As you’re the Leaseholder of the property, you’re responsible for all repairs and maintenance apart from communal areas. Depending on your lease, you may qualify for a £500 per year allowance for certain repairs.
Section 5 of your Key Information for Shared Owners has further detail on this, which we advise you read.
If you move into a new build, the contractor who built the home is responsible for repairs in the first year.
We have a dedicated team to help you make sure any defects are fixed as quickly as possible. You can contact them on defects@midlandheart.org.uk.
As a shared owner, you have the option of buying more shares in your home. Your lease will outline the maximum amount you can purchase.
Once you own 100% of your home, you won’t have to pay us rent anymore. Find out more about staircasing, and the process, here.
We know the increase in cost of living has impacted lots of people, and our Money Advice Team are here to help. From budgeting and debt relief to claiming benefits and distributing food bank vouchers, they’re here to support you.
Find out more about Money Advice here.
Section 4 of your Key Information for Shared Owners has further detail on other costs you might face whilst in your home.
You can visit our Home Ownership webpage for more information and to read our full shared ownership brochure.
