Once you’ve bought your new shared ownership property, you’ll be what’s known as a leaseholder. This means that you have the right to occupy a property for a set period which is written in your lease agreement but do not own the building itself.
However, some properties may always be leasehold (this typically applies to apartments where there are communal grounds and communal services provided or where the freehold is owned by a local authority.
Your lease is the legal contract which sets out yours and our legal rights and responsibilities.
If you need help understanding the terms of your lease, please contact us.
This is known as ‘staircasing’ – when you choose to buy some or all of the remaining shares in your property.
If this is something you’re considering, you’ll need to get your property valued and instruct a solicitor to act on your behalf.
You’ll also need to have the funds to complete the transaction and a mortgage agreed in principle.
If you think you might need a lease extension because yours has less than 75 years left, please contact one of our leasehold officers who’ll be happy to help you.
It can be costly to extend your lease so it’s best that we work with you to understand your personal circumstances before exploring this route.
If you’re thinking about selling your property you’ll need to get in touch with us and let us know. We’ll send you a re-sales pack which has lots of useful information on selling your shared ownership property.
You will have the option of selling just your share or the whole of the property – both routes are explained in more detail in the pack. Once we’ve received your signed form and fee, we’ll share the relevant information with your estate agent.
This prevents any delays with the sale of your property and gives your estate agent all the information they need to sell a shared ownership property.
This information is only for those that have bought homes built through the 2021-2026 Homes England funding programme. This means homes on the following developments:
The new model shared ownership lease gives you £500 per year to use towards the cost of general repairs. You’re still responsible for getting these repairs done to your home but you’re able to make a claim for up to £500 towards the cost of your repairs. You can also carry over any balance remaining up to a maximum of £500 per year.
Important note: these repairs will be covered by the developer during your defects period, usually 12 months after the build is completed.
Your handy leaseholder handbook
We've created a Leaseholders handbook which should answer any questions you might have on your shared ownership property