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, buy more of your home, save on monthly outgoings, or make home improvements.
Re-mortgaging is an opportunity to:
- Do a financial health check and make sure that you get some reliable advice
- Look at where you are on your homeownership ambitions
- See if you can save on any outgoings
When you have made your decision, please complete the online form below and share with us:
- Written confirmation of the value of your home from your new lender
- A copy of the mortgage offer
- A statement from your current lender with how much is outstanding (if applicable)
We will then:
- Review the information that you have sent
- Raise any queries that we may have
- Send our approval to you and your solicitor
Please note that this process is likely to take roughly five working days and administration charges apply.
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.