As a homeowner you are responsible for paying service charges, ground rent and other fees. If you are a shared owner, you are responsible for paying rent and buildings insurance to us. We cover some of the commonly asked questions here and on our changes to your rent page. You can still check your rent account and find out how to make a payment. If you own all of your property you may be paying a service charge to us.
Buying back your shared ownership property - financial rescue
Are you a shared owner having difficulty keeping up mortgage and rent payments? We may be able to help by buying the share you own back from you.
We are only able to buy back the share in your home if you want to stay there. After we purchase your share you would no longer own the property and become a tenant. You would pay a weekly rent for the property and have a tenancy agreement with us.
Who can we help?
We can consider applications from shared owners experiencing very real financial difficulties making mortgage and rent payments if your mortgage lender has started possession proceedings.
We do not have to buy the property from you. Funding to support this is very limited and we have to apply a priority order when considering requests.
How do I apply?
We will arrange to meet you at your home and ask you to complete and sign a budget summary declaring all of your income and outgoings. We will use this information to work out if you can afford to stay in the property and rent it from us. We will also discuss what steps you have taken to resolve your financial difficulties. We will conduct various checks and value the property before we can make a decision.
Usually we will let you know within eight weeks of the date of your application if we are able to help, provided you have given us all the documentation we need.
Remortgaging your shared ownership property
You may wish to remortgage your shared ownership property so you can switch to a better rate, help ease financial difficulties or make home improvements.
When you bought your home, we approved your mortgage. If you want to change your mortgage, you need to ask for our approval.
If I decide to remortgage what information will you need?
If you decide to change your mortgage lender and take out a mortgage on your property for the same amount of money - your new lender will write to us to ask our consent.
We will need:
•written confirmation of the value of your home from your new lender and a copy of the new mortgage offer
•a statement from your present lender of how much you have left to pay on your mortgage.
What information do you need if I want to borrow extra money on my mortgage?
If you're applying to borrow extra money on your mortgage for home improvements or major repairs, we have to check that your new mortgage is not worth more than your share in your property. This is to protect our investment in the property - in other words, to make sure that if the property were repossessed we would get back our share of its value after paying off the mortgage and costs.
We will need:
•confirmation of what home improvements you plan to do with estimates for any work
•copies of planning and building regulation approval, if needed
•written confirmation of the current value of your home from your new lender and of their mortgage offer
•written confirmation from your present lender of how much you still have to pay on your mortgage
Your mortgage lender will need to write to us and we will also ask you to complete an alterations request form
If you own a share in your property or 100% of an apartment, we arrange the buildings insurance on your home and you will have to pay for this. There are some exceptions when someone else owns the freehold and another managing agent provides services. If this applies to you, we will have told you when you moved in.
Administration fees are changed for a range of services provided to homeowners. These services are not included within the service charge. Payment of the fee is required in advance of the service being provided.
All fees include VAT and are reviewed on 1 April each year based on the actual cost of providing services.
These fees are for our administration services only. Additional fees may apply – eg valuation fees and/ or our legal fees as well as your own legal fees.