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, you can normally buy a larger share at any time (known as staircasing). However leases vary and in some cases you may not be able to purchase 100% of your property (see your individual lease for confirmation). You will be responsible for the costs of staircasing including valuation and solicitors fees.
Repairs
Q. Am I responsible for the repairs at my home?
A. You are normally responsible for carrying out all repairs to your own property. The only exception to this is where your property is still within the defects period. Shared Owners living in blocks of flats will contribute to a separate fund (a reserve or sinking fund) for long-term repairs to the communal areas of the building and cyclical works such as painting and replacement flooring.
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. You cannot carry out any structural alterations if you live in a flat. 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 policy covering all our buildings. However this does not cover any of the contents of your property and we strongly advise that you take out a contents insurance policy. We would ask you to bear in mind that there will be an excess payable on any building’s Insurance claims.
Q: How do I make a claim for a repair covered by the insurance policy?
A: You can now download a claim form online, but you will need to contact the Plumlife Management Team who will confirm if your claim is eligible and will help you to complete the first part of the claims form. Alternatively you can contact the Plumlife Management team and a form will be posted out to you with a covering letter and an insurance claims booklet with an addressed envelope for the insurance provider. All correspondence from this point will be between you and the insurance provider.
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. If you wish to pay by cheque these can be forwarded to our office at Southern Gate made payable to Plumlife. Please ensure your full name and address is on the reverse of your cheque.
For other methods of payment, see the 'How to pay your rent/service charge' tab on the left of this page.
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.
Selling your property
Q. What happens if I want to sell my property?
A. You can sell your property at any time. In some cases Plumlife will sell their share at the same time and you should contact us to discuss this. You will need to follow a set procedure and the costs of selling the property will be your responsibility. You must inform Plumlife in writing of your intention to sell, together with details of the solicitor you will be using.
Sub-letting
Q: Can I sub-let my home?
A: You are not allowed to sub-let a shared ownership home other than in exceptional circumstances. If you do need to do so, you will need written permission from Plumlife and will need to follow a set procedure. If we do grant permission, you are responsible for informing your mortgage lender and insurance provider of your intention to sub-let.
For more information please read our Subletting Policy, or contact the Plumlife Management team.