Shared Ownership Homes

If you are a Shared Owner, you will pay a monthly rent for the share of your home that you do not purchase. This rent is a percentage of the value of that share, which is set out in your Shared Ownership lease. The lease also sets out the rate at which the rent can increase each April (usually the Retail Price Index plus 0.5%).

The Shared Ownership scheme is a simple and affordable way to purchase a property. You buy a share of a property (approximately between 25% and 75%) using a deposit and a mortgage, and pay rent to CHS on the remaining share. The combined monthly cost of mortgage and rent will normally be less than if you were purchasing the property outright or renting privately.

Moving in checklist

Welcome to your new home!

If you have purchased your home under a shared ownership lease, you are responsible for any repairs inside your home. However your service charge covers the maintenance of shared areas (e.g. parking and hallways). If you live in a flat, we will look after any exterior maintenance, e.g. your roof.

 

Staircasing

Staircasing image

If you would like to increase your share of ownership in your property (or ‘staircase’ as it’s referred to in your lease) your rent payments will decrease accordingly.

The first step is to have the property officially valued to determine the current market value. This valuation needs to be carried out by a member of the Royal Institution of Chartered Surveyors (rics.org.uk).

As with selling your property, we can organise the valuation for you if you wish, please get in touch HERE and we will send you the payment details and more information on the staircasing process.

You should check your lease for any staircasing restrictions but for more information on staircasing, please see our FAQs below.

 

Staircasing - Frequently Asked Questions

Do I need to confirm in writing to CHS that I wish to increase my share?

You will need to confirm in writing to CHS that you intend to staircase, with confirmation of the percentage share you wish to staircase to, as well as your solicitor’s details. Once we have this confirmation we will then instruct our solicitors who will liaise directly with your appointed solicitors throughout the staircasing process.

Will my rent change if I increase my share of ownership?

If you increase your share your rent will decrease accordingly. If you increase your share to 100% you will no longer pay rent on a share, however you may still be liable for service charges.

Will I need a solicitor?

Once you have received your valuation, you will then need to appoint a solicitor to act on your behalf throughout the process.

Once I get a valuation, how long is it valid for?

The valuation will be valid for three months from the date on the valuation report supplied by the surveyor. The valuation will also determine the cost of the share you wish to purchase.

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