Shared Owners - FAQs
If you cannot find the answer to your question below you may find it in the Shared Owner's handbook. If not please do not hesitate to contact us.
Q: What is Shared Ownership?
A: Shared Ownership schemes have been introduced to help those who cannot afford to buy a home outright to get on the property ladder. Through shared ownership you buy a share of the property and pay rent on the remaining share that you do not own. The amount of rent you pay is determined by the percentage of the property that we own, therefore the larger the share you have the smaller the rental charge.
Q: Can I purchase a larger percentage of my property?
A: Yes, normally you may purchase in 25% stages (see your individual lease for confirmation) providing you are able to do this with either a cash payment or an addition to your mortgage. Please note that some leases have restrictions on staircasing – refer to your lease for full details.
Repairs
Q. Am I responsible for the repairs at my home?
A. The resident is normally responsible for carrying out all repairs to their own property. The onlyexceptions to this are for new properties built by the Association which are still covered by the builder's guarantee (usually 6 or 12 months). Also owners living in blocks of flats will contribute to a separate fund for long-term repairs to their roof, doors, windows and external painting.
Improvements
Q: Can I make improvements to my home?
A: You usually have the right to make improvements to your home, such as a new kitchen, bathroom, fireplace or built-in wardrobe etc, but you must get written permission from Plumlife first. We will usually agree, or state any reasons for refusal in writing. Any improvement made by yourself will be disregarded in any valuation that you provide to Plumlife in the event that you choose to buy further shares in your home. Therefore, Plumlife will not financially gain from any improvements which you make.
Insurance
Q. Am I required to take out a property insurance policy?
A. No. The Association has a block insurance on all our properties. However, we strongly advise that residents take out insurance on their contents. We would ask you to bear in mind that there is a £100 excess on any claim on our policy.
Q: How do I make a claim for a repair covered by the insurance policy?
A: You should contact a member of the Plumlife staff at Southern Gate as soon as possible and obtain two estimates for the work involved. Please do not authorise a contractor to proceed without speaking to Plumlife staff first. Usually you will pay the contractor for the work when this has been satisfactorily completed. We will then submit a claim to the insurer on your behalf, and a cheque will subsequently be paid to you to cover the repair costs, less the £100 excess.
Rent / Service Charge
Q. How do I make my monthly payments to the Association?
A. Upon purchase of your property you will be sent a Direct Debit Mandate, which should be completed and returned to Plumlife immediately. However, if you wish to pay by cheque these can be forwarded to our offices at Southern Gate made payable to ‘Plumlife’. Please ensure your full name and address is on the reverse of your cheque.
Q. What does my monthly rent actually pay for?
A. Rent is used to service the loan which the Association has taken out to buy the remaining percentage of the property (usually 50%). It also includes an element for insurance and our management charges.
Purchasing a larger share (staircasing)
Q. Can I purchase a larger percentage of my property?
A. Yes, normally you may purchase in 25% stages (see your individual lease for confirmation) providing you are able to do this with either a cash payment or an addition to your mortgage. Please find more information in the staircasing section of the website or contact Plumlife for further details. (Please note that some leases have restrictions on staircasing – refer to your lease for full details)
Selling your property
Q. What happens if I want to sell my property?
A. You can either sell your existing percentage or the full 100%. You must inform Plumlife in writing of your intention to sell, together with details of the solicitor you will be using. Please find more information in the section on selling your home or contact Plumlife for further details.
Sub-letting
Q: Can I sub-let my home?
A: You are not allowed to sub-let your home without our consent - in some circumstances we may give you permission for up to 12 months. You must also inform your mortgage lender and insurance provider of your intention to sub-let. You are still responsible for making sure the terms of the lease are complied with ensuring that all rent and/or service charge payments are made and taking responsibility for the conduct of your tenants. Also, you must give us a forwarding address if you decide to sub-let along with contact details of your tenants in case of emergency.