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It’s an ownership thing.
New shared ownership model
The government introduced a new shared ownership model in 2021, to help even more people get on the housing ladder - happy days!
The new model works in much the same way as before, but with a few changes, including:
- The minimum initial share that can be purchased may now start at 10%
- The introduction of the option of staircasing in 1% increments for the first 15 years
- The introduction of a 10-year period during which the cost of £500 per annum for any essential maintenance or repairs will be covered by the landlord
- The option for the shared owner to end the nomination period at four weeks if they wish to try selling on the open market
- Each home will be provided with a 990-year lease.
The new model applies to certain developments and in some instances, certain homes (to find out why, click here).
Homes that are available with the new shared ownership model will be highlighted on our website, but if in doubt, please check with our sales team who will be happy to help.
FAQ’s
- Why has the government introduced a new model for shared ownership?
Shared ownership has made getting on to the property ladder a reality for thousands of people, but government felt it needed to do more to support even more people who have aspirations of buying their own home. Enter the new model for shared ownership with essentially five changes that separate it from the existing model.
- What is different about the new model?
The changes to the new model are:
- The minimum initial share that can be purchased can now start at 10%
- The introduction of the option of staircasing in 1% increments for the first 15 years
- The introduction of a 10-year period during which the cost of £500 per annum for any essential maintenance or repairs will be covered by the landlord
- The option for the shared owner to end the nomination period at four weeks if they wish to try selling on the open market
- Each home will be provided with a 990-year lease.
- How does staircasing in 1% increments work?
Once you’ve bought your initial share and become the part-owner, you’ll be able to start buying more shares. You’ll have the option to do this in 1% increments each year for the first 15 years only. Larger shares will also still be available to purchase, starting at 5%.
- What is covered by the £500 repairs allowance?
The repairs allowance aims to improve the quality of new build homes for shared ownership customers. It’s designed to cover the cost of repairs to things that shouldn’t be defective in a new build home, such as fixtures and fittings that supply water, gas or electricity into your home. Leaseholders will still be responsible for general repairs. For further information on what is and isn’t covered by the repairs allowance, click here.
