Your Shared Ownership Lease
Learn what your lease means, your responsibilities as a shared owner and where to find support when you need it.
Your Shared Ownership Lease
Buying a home through shared ownership comes with a lease. Don’t worry if that sounds complicated. A lease is simply a legal agreement that explains your rights and responsibilities as a shared owner, as well as ours as your housing provider.
While your solicitor will have explained the lease when you purchased your home, this page provides a useful overview of the key things you need to know.
What Shared Owners Need To Know
Shared Ownership Leases
Your lease is a legal document that sets out:
- The share of the property you own.
- The rent you pay on the remaining share.
- Your responsibilities for looking after your home.
- Our responsibilities as your housing provider.
- The rights and obligations of both parties.
The exact terms of each lease can vary, which is why it’s always important to refer to your own lease when making decisions about your home.
What Are My Responsibilities?
As a shared owner, your responsible for looking after your home and keeping it in good condition.
Depending on your lease, this may include:
- Internal repairs and maintenance.
- Decorating your home.
- Reporting issues that affect the building.
- Paying rent and service charges.
- Requesting permission before carrying out certain alterations.
If your unsure about your responsibilities, we’re here to help.
What Is Redwing Responsible For?
Our responsibilities will depend on your buiulding and lease agreement, but they may include:
- Maintaining communal areas.
- Buildings insurance.
- Grounds maintenance.
- Managing service contracts.
- Collecting service charges.
- Supporting shared owners throughout their journey.
We’ll always explain what applies to your home and development.
Thinking About Making Changes?
You may be able to make improvements to your home, but some changes require permission before work begins.
This is particularly important for:
- Structural alterations.
- Changes to windows or doors.
- Major electrical or plumbing works.
- External changes to your home.
Always check with us before starting any work if you’re unsure.
Thinking About Staircasing?
One of the benefits of shared ownership is that you may be able to buy additional shares in your home over time.
This process is known as staircasing.
Many shared owners choose to staircase as their circumstances change with some eventually owning 100% of their property.
Thinking About Selling?
If your considering moving home, youir lease will explain the process for selling your shared ownership property. This can include things such as:
- Independent valuations.
- Nomination periods.
- Eligibility requirements for buyers.
Our specialist shared ownership team can guide you through the process when the time comes.
Frequently Asked Questions
Our frequently asked questions provide you with answers to some of the most common questions on your shared ownership lease.
What is a lease?
A lease is a legal agreement that sets out the rights and responsibilities of both the shared owner and the housing provider.
How long does my lease last?
Lease lengths vary depending on the property and development. Your lease agreement will confirm the exact length of your lease.
Can I make changes to my home?
In many cases, yes. However, some alterations require permission before work begins.
What is staircasing?
Staircasing is the process of buying shares in your home, increasing the percentage you own.
Can I sell my shared ownership home?
Yes. Shared ownership homes can be sold, although the process may differ slightly from a traditional property sale.
What should I do if I don't understand something in my lease?
Get in touch. We’ll do our best to explain things in plain English and help point you int he right direction.
Need More Information?
We know rent and service charges can sometimes feel confusing, especially if you’re new to Shared Ownership. If you have any questions about your account, payments or service charges, our team is here to help.