What am I signing up to?

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

The really, really important things to remember:

  • Co-Ownership buys a share of your chosen property which you pay rent on. You pay your mortgage lender a monthly repayment for your share of the property. If you miss payments on either your rent or your mortgage your home could be at risk of repossession.
  • Our shared ownership arrangement means that when 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. We share the risk.
  • The monthly rent you pay is not deducted from the amount owing to Co-Ownership if you purchase further shares of your home.
  • We expect you to maintain your home to at least the standard that it was when you bought it. When you buy a bigger share of your home it will be valued based on it being maintained to this standard.
  • You are responsible for paying all your housing costs: rent, mortgage, rates, management charges and home insurance. If you are having difficulties doing this please get in touch.
  • It’s your home so put your own stamp on it. You only need to contact us if you are thinking of making a structural change such as building a garage or an extension.
  • If you are changing your lender or are making changes to your mortgage, please let us know.
  • We hope you will be able to buy more of your home as soon as possible. We can talk you through this.
  • Co-Ownership is a charity which means that any money we make from the sale of your home is used to help more people start their home ownership story.