Shared Ownership has been helping people get their foot on the home ownership ladder for over 30 years. It is a scheme that is supported and regulated by the government.
If you cannot afford the mortgage on 100% of a home, Shared Ownership gives you the opportunity to buy a share of your home and pay rent on the remaining share.
If you purchased a Shared Ownership property before 2022, this would have a different kind of lease and different legislation applies; you will need to check your lease and contact us for further information. If you purchased a Shared Ownership home in or after 2022, you’re covered by the new legislation for Shared Ownership.
If your Shared Ownership home is a flat you will have to pay service charges for the upkeep and maintenance of the block and communal areas. These service charges will continue when you own 100% of the property.
If you have any queries about your Shared Ownership property please contact the Shared Ownership team at firstname.lastname@example.org.
The rent SHOW
You pay rent on the share of the property that you do not own. For example, if you own a 60% share in your home you pay a subsidised rent on the remaining 40%. Our preferred method of payment is Direct Debit which you can set up over the phone by contacting the Customer Payment and Debt Team on 023 8083 3388. There are other ways to pay your housing rent available, including online payment.
Southampton City Council provides buildings insurance of which you will pay a proportion with your monthly rent. The policy provides cover in respect of loss or damage caused to the building, it does not cover fixtures fittings and possessions inside your property so it is strongly advisable that you obtain contents insurance.
Buildings insurance documents
- Buildings Insurance Policy Booklet (Protector from 1 April 2022)
- Buildings Insurance (Protector) – Questions and Answers
- Extended Accidental Damage Cover Option – Information and Application
- Leasehold Insurance Schedule 2022-23
If you need any more help or advice please contact the Shared Ownership team at email@example.com or call 023 8083 2337. Our phone line is open on Tuesday and Thursday mornings from 9am to 12noon.
Staircasing information SHOW
After purchasing an initial share in your own home you may want to consider buying more shares, this is known as staircasing. You can buy more shares after the initial 12-month period, as you buy more shares your rent goes down proportionately.
When you own 100% of your home you will no longer pay a monthly rent. You will continue to be charged a service charge for any communal services you benefit from which you will be paying for in accordance with the terms of your lease agreement. If you own a flat, you may also be charged an annual ground rent.
If you want to start the process of purchasing more shares, please contact the Shared Ownership Team at firstname.lastname@example.org to discuss the process further. If you have staircased up to 100% the ownership of your house will be freehold. Flats will always be leasehold with Southampton City Council as the landlord and freeholder.
If you purchased a Shared Ownership property that was built on or after 2022 there is new legislation in place for the repairs to that individual property. For the first 10 years from when your home was first built the Council will refund you up to £500 per year. This is to cover any essential repairs needed that are not covered by any of the warranties you have with your home regardless of what percentage share you have bought. To discuss a repair to your property please contact the Shared Ownership Team at email@example.com.
Warranties and defect periods SHOW
All properties have a 12-year guarantee from new, covering major structural items on your home. This is underwritten by the specialist insurance company NHBC. For the first part of the warranty, the builder will be responsible for correcting any defects and you will be provided with contact details in the Home User Guide when you move in.
In addition, with new build homes, there is a defect period after which the builder will wish to come and inspect the property. Further information can be found in the Home User Guide when you move in.
You will also get warranties for any supplied appliances such as the cooker, hob, and extractor unit, etc. The details of the warranties will be in the supplied booklets in your home. Please take a look through these warranties because they will tell you what to do if things go wrong and in some cases the appliance suppliers will provide you with an extended warranty free of charge in exchange for you registering the product with them.
When you want to sell up and move on you must first contact the Council to ask them to find someone to buy your share. The lease gives the Council four weeks to do this, but if they fail to do so you are entitled to sell your home on the open market through an estate agent. As with staircasing, the Council will give you more details at the time on what you need to do when you want to sell. For more information contact the Shared Ownership Team at firstname.lastname@example.org.