New shared ownership model lease

 

The government introduced a new shared ownership model in 2021, the first properties sold by Saxon Weald under this scheme will be available from May 2024.

 

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 leaseholder can claim costs of £500 per annum for any essential internal repairs to certain items
  • External and structural repairs will be covered by the landlord during the first 10-year period and not included in the service charges
  • 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 will staircasing in 1% increments work?

Once you’ve bought your initial share and become the shared-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%. We will write to you each April and let you know how much it would cost to staircase by 1%.

 

How do I claim the £500 repairs allowance?

You can claim you will also be able to claim up to £500 per year towards repairing, replacing (if faulty) and maintaining fixtures and fittings that:

  • supply water, gas or electricity (e.g. sinks, baths or pipes)
  • heat your home, (e.g. a boiler or radiator)

 

It does not include:

  • installing other fixtures (e.g. kitchen cabinets) and fittings (e.g. furnishings, carpets)
  • installing appliances that use your gas, electricity or water supplies (e.g. ovens, washing machines)
  • any work that is covered under a warranty, insurance policy or guarantee, although any insurance excess payable may be eligible
  • normal cyclical health and safety requirements (e.g. annual gas servicing or electrical testing)
  • decoration works
  • improvement works
  • ​​damage caused on purpose
  • if you haven’t carried out routine servicing and maintenance, e.g. boiler servicing

 

The first thing to check is if any of the warranties that we have provided to you in your Home User Guide cover the repair. If they don’t you will need to choose a Trustmark registered trader to carry out the works, you can find one on www.trustmark.org.uk.

 

Once the works are complete there is a claim form for you to complete together with a copy of the invoice and photos of the works. We will let you know within 7 days if your claim has been accepted.

 

If you would like some advice on whether the works could be covered by the allowance before you go ahead you can email [email protected].