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:

  • We grant you a 99 year Equity Sharing Lease of your chosen property. You are responsible for paying all other housing costs such as rent, mortgage, service charges, rates, building insurance and other outgoings.
  • You pay rent on the share of your home owned by Co-Ownership, and 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.
  • You are signing up to a full repairing lease which means you are responsible for maintaining and repairing 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.
  • 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.
  • You can buy more of your home at any time. See our buying out section of the website for more information.
  • You can’t sublet your home without our written permission or run a business from it.
  • 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.