My mortgage is coming to an end. Do I need to sell my house or pay you more money?

No, you will remain a Co-Owner after your mortgage has finished unless you choose to buy out. You continue paying rent to us while we still Co-Own your home.

I want to make improvements to my house. Do I need your permission?

You don’t need to tell us about most home improvements, however if you are making any structural changes to your home, such as building an extension or a garage, please let us know.

If you are funding the work by way of a further advance on your mortgage, you need to let us know as you will be raising further money against our shared asset. Please contact our team who will be able to help with what you need to do.

Can I move my existing Co-Own product to a new property?

There may be some circumstances in which you may be able to move your Co-Own product to another property. Please get in touch to find out more.

This is also known as ‘Porting’.

Can I make a change to any named person on the ownership of the property?

The change of any named person on the ownership of the property is often called a Transfer of Title. You may be inquiring about a transfer of ownership in the following situations:

  1. Removing the name of a former spouse/civil partner/partner from the ownership of the property due to divorce or separation.
  2. Adding the name of a spouse/civil partner/ partner to the ownership.
  3. A change on the death of one of the joint owners or on the death of the last remaining owner.

Generally, these are the circumstances in which we can agree to a change of ownership if required. If there are any other types of change of ownership, you wish us to consider please get in touch with us.

Do I need a solicitor if I decide to Buy Out or increase my share of equity?

You will need a solicitor if:

  • you are purchasing the last remaining chunk of equity
  • you are purchasing the full equity all at once
  • you are selling
  • in any event you will need a solicitor to remortgage or refinance.

Please note: if you are remortgaging and refinancing to change deal but are not planning to buy out or increase your share of equity, you still need to notify us, this is because your lender will need us to sign paperwork for you.

I have a change in circumstances

Life throws lots of changes at us and it’s important that you keep us up to date with any changes that might affect our partnership. For example, you may be having a tough time financially, or maybe someone has moved in with you. Whatever the change is, please get in touch with us. You can contact us by using our contact us form or by calling us on 028 9032 7276.

I am experiencing financial difficulties

If you’re having difficulty making your mortgage or rent payments please let us know as soon as possible so that we can work with you to resolve this before it becomes a bigger issue. Part of your commitment to Co-Ownership when your home was purchased was to make your rent payments and you should be aware that missed rent or mortgage payments could put your home at risk. You can contact us by using our contact us form or by calling us on 028 9032 7276.

Do I need to tell you if I am refinancing my mortgage?

Yes, if you decide to refinance your mortgage (e.g. get a further advance or change your lender) you need to inform Co-Ownership.

Who is responsible for paying the management charges on my home?

Your solicitor will have highlighted to you if there is a management company for your home and what the current charges for this are.  It is your responsibility to pay these charges directly to the management company.

I am an existing Co-Own customer, I am also an EU, EEA or Swiss citizen, how does the exit from the European Union affect me?

If you are an EU, EEA or Swiss citizen, you and your family can apply to the EU Settlement Scheme to continue living in the UK after 30 June 2021.
Further details are available at: www.nidirect.gov.uk.

Does Co-Ownership permit me to work from my Co-Own home?

We appreciate that in the current climate some of our customers will be working from home.

This is fine as long as:

  • this just involves you working from home
  • no business is being run from your home
  • any requirements of your home insurance are complied with
  • any other necessary approvals have been obtained.
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