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Shared Ownership

Shared Ownership

Shared Ownership is a scheme which enables you to start out on the property ladder if you can’t quite afford the mortgage on 100% of a home, or the mortgage deposit.

Put simply you part buy, part rent your home. You purchase a share, usually between 25% and 75%. You then pay rent to us on the remaining share of your home. Your monthly payments are usually less than a full mortgage would be. If you are interested in purchasing one of our fantastic shared ownership properties, please follow the attached link (please link to My Together Home website: https://www.mytogetherhome.co.uk/)

Once you have purchased your initial share, your lease will outline your options to increase your equity in the property. It will usually allow you to do this in increments of 25%. Your lease will also outline whether there is a maximum percentage that you can purchase. For example, some rural areas will have restrictions where only 80% of the property can be purchased for example, to ensure that properties always remain affordable in that area.   

If you currently own one of our shared ownership properties and want to enquire about the possibility of increasing your equity (the process termed ‘staircasing’), please complete the Further Options Form and email to: THG.sales@togetherhousing.co.uk.  Once received, someone in our Sales Team will contact you to discuss this further.

Alternatively, if you currently own a shared ownership property with us and would like to enquire about selling, please complete the Shared Ownership Resale Enquiry Form (Part A) and email to: THG.sales@togetherhousing.co.uk. Once received, someone in our Sales Team will contact you to discuss this further.

For existing shared owners, we have further guidance on the lease terms for your property as follows and your repair obligations:

Shared Ownership Leases for Flats

Under a shared ownership lease, the Leaseholder buys a ‘share’ of the property and pays rent on the remaining share of the property (which remains in the ownership of the Landlord).

The Leaseholder can buy further shares in the property (up to the Maximum Percentage in Protected Areas) at the market value of those shares at the time of purchase.  Buying further shares is referred to as ‘staircasing’.  As the Leaseholder buys further shares, the rent will be reduced proportionately to reflect the fact that the Landlord’s interest in the property has reduced.  If you would like to enquire about purchasing further shares in your property, please contact the Sales Team.

Although initially the property is not owned outright, the Leaseholder does have full repair responsibilities within the flat and generally the Landlord will have repair and maintenance responsibilities for any communal areas and for the structure of the building as outlined within the lease.  The leaseholder’s contribution towards these costs (as outlined in their lease) is then recovered within the Service Charges.

The leaseholder is not permitted to sub-let the property until they have staircased to 100% ownership of the property.   

Shared Ownership Leases for Houses

Under a shared ownership lease, the Leaseholder buys a ‘share’ of the property and pays rent on the remaining share of the property (which remains in the ownership of the Landlord).

The Leaseholder can buy further shares in the property (up to the Maximum Percentage in Protected Areas) at the market value of those shares at the time of purchase.  Buying further shares is referred to as ‘staircasing’.  As the Leaseholder buys further shares, the rent will be reduced proportionately to reflect the fact that the Landlord’s interest in the property has reduced.  If you would like to enquire about purchasing further shares in your property, please contact the Sales Team.

Although initially the property is not owned outright, the Leaseholder does have the normal responsibilities of a full owner.  This means, for example, that the Leaseholder will be obliged to pay 100% of the outgoings relating to the property and to keep the property in good and substantial repair and condition.

The leaseholder is not permitted to sub-let the property until they have staircased to 100% ownership of the property.  

Leasehold Schemes for the Elderly - Flats

Leases under the ‘Leasehold Scheme for the Elderly’ scheme are offered as shared ownership but have age restrictions outlined in the lease to ensure that older people have the opportunity to buy properties in the area at an affordable price.

Under a shared ownership lease, the Leaseholder buys a ‘share’ of the property and pays rent on the remaining share of the property (which remains in the ownership of the Landlord).

The Leaseholder can buy further shares in the property at the market value of those shares at the time of purchase.  Buying further shares is referred to as ‘staircasing’.  As the Leaseholder buys further shares, the rent will be reduced proportionately to reflect the fact that the Landlord’s interest in the property has reduced.  These properties are often capped at 75% as the maximum percentage that the Leaseholder can purchase (please refer to the lease restrictions as these can vary), with no rent payable on the remaining 25% that the landlord owns.  This restriction is in place to ensure that this housing type remains affordable to people of this age group.  If you would like to enquire about purchasing further shares in your property, please contact the Sales Team.

The lease for this property type will stipulate that the landlord must provide a warden call monitoring service throughout the term of the lease.  The warden call service is a monitoring system in your home connected to your landline telephone which connects to an agency if the button on the system or the pendant is pressed.   This is provided to ensure that older leaseholders are able to reach assistance in emergency situations.  The service is provided by the landlord with the costs recovered through your service charges.  It is important that leaseholders keep their records up to date with your landlord so that we can ensure that the monitoring agencies have your current medical and next of kin details to assist as best they can in an emergency.

Please click here to download the Personal Information Form, once complete email it to THG.leasehold@togetherhousing.co.uk.

Please note that the warden call system remains within the property’s ownership, so if you sell the property, the system must remain in the property for the next owner.

Although initially the property may not be owned outright, the Leaseholder does have full repair responsibilities within the flat and generally the Landlord will have repair and maintenance responsibilities for any communal areas and for the structure of the building as outlined within the lease.  The leaseholder’s contribution towards these costs (as outlined in their lease) is then recovered within the Service Charges.

The leaseholder is not permitted to sub-let the property under the terms of the lease.

Leasehold Schemes for the Elderly - Houses

Leases under the ‘Leasehold Scheme for the Elderly’ scheme are offered as shared ownership but have age restrictions outlined in the lease to ensure that older people have the opportunity to buy properties in the area at an affordable price. 

Under a shared ownership lease, the Leaseholder buys a ‘share’ of the property and pays rent on the remaining share of the property (which remains in the ownership of the Landlord).

The Leaseholder can buy further shares in the property at the market value of those shares at the time of purchase.  Buying further shares is referred to as ‘staircasing’.  As the Leaseholder buys further shares, the rent will be reduced proportionately to reflect the fact that the Landlord’s interest in the property has reduced.  These properties are capped at 75% as the maximum percentage that the Leaseholder can purchase, with no rent payable on the remaining 25% that the landlord owns.  This restriction is in place to ensure that this housing type remains affordable to people of this age group.  If you would like to enquire about purchasing further shares in your property, please contact the Sales Team.

The lease for this property type will stipulate that the landlord must provide a warden call monitoring service throughout the term of the lease.  The warden call service is a monitoring system in your home connected to your landline telephone which connects to an agency if the button on the system or the pendant is pressed.  This is provided to ensure that older leaseholders are able to reach assistance in emergency situations.  The service is provided by the landlord with the costs recovered through your service charges.  It is important that leaseholders keep their records up to date with your landlord so that we can ensure that the monitoring agencies have your current medical and next of kin details to assist as best they can in an emergency.

Please click here to download the Personal Information Form, once complete email it to THG.leasehold@togetherhousing.co.uk.

Please note that the warden call system remains within the property’s ownership, so if you sell the property, the system must remain in the property for the next owner.

Although initially the property may not be owned outright, the Leaseholder does have the normal responsibilities of a full owner.  This means, for example, that the Leaseholder will be obliged to pay 100% of the outgoings relating to the property and to keep the property in good and substantial repair and condition.

The leaseholder is not permitted to sub-let the property under the terms of the lease.

If you have any other enquiries about your shared ownership home, please contact us here.

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