What am I signing up to?

When you join Co-Ownership, your solicitor will talk you through the Equity Sharing Lease. It’s really important that you take time to understand this and what it means.

  • It’s your home for as long as it suits you so put your own stamp on it!
  • We grant you a 99-year Equity Sharing Lease. We expect you to maintain your home to at least the standard that it was when you bought it. You are also responsible for paying all other housing costs such as service charges, rates, building insurance and other outgoings.
  • You are signing up to a full repairing lease which means you are responsible for maintaining and repairing your home.
  • The monthly rent you pay is not deducted from the amount owing to Co-Ownership if you purchase further shares of your home.
  • Co-Ownership buys a share of your chosen property which you pay rent on. Your share must be at least 50%. You buy your share of the property from the proceeds of the sale of your current home or savings. If you miss payments on your rent your home could be at risk of repossession.
  • Co-Own for Over 55s is different from equity release as you are moving to a new home, not releasing funds from your current home.
  • You can’t sublet your home without our written permission or run a business from it.
  • You can keep up to £26,000 from the sale of your current home or savings.
  • You are responsible for the costs associated with the sale of your current home, e.g. solicitor costs. The £550 property fee covers most of the legal costs relating to the purchase of your new home.
  • We share the risk. Our shared ownership arrangement means that if you sell or buy a greater share of your home, we both benefit from the value going up or share in the loss if the value goes down.

If you have any questions give us a call on 028 9032 7276.