Shared ownership is designed as a stepping stone to completely owning your own home, allowing you to buy what you want, when you can afford it.
What will I be buying?
Buying a CBH shared ownership property makes you an ‘owner-occupier’, not a ‘part-tenant’.
Shared ownership rent
Shared owners own a share of their home and pay rent on the share that we own. The initial rent, set when the property is built, is based on a percentage of the value of our share. It is a condition of the lease that we provide buildings insurance and shared owners pay for this as well as rent.
Our joint responsibilities
As a leaseholder you have special rights and responsibilities for your home. The lease is a legal contract between you and CBH which sets out our responsibilities.
Repairs on shared ownership properties
If you own a house, you are responsible for all repairs and maintenance to the inside and outside of your home.
If you own a flat, you are responsible for maintaining the inside. We’ll take care of day-to-day repairs and maintenance and decoration to the outside of the flats and any communal areas. This is paid for through your service charge.
Reporting defects in the first 12 months
With all new homes, there are bound to be teething problems. The builder will inspect the property, usually after 12 months from handover. It is also your responsibility to report any issues you believe to be defects as soon as possible.
Reporting defects after 12 months
Your home is also covered by the National House Builders Council’s (NHBC) warranty.
Making alterations on shared ownership properties
You don’t need our permission for redecorating and simple repairs, but you will for anything more complicated such as improvements and alterations.
Insuring shared ownership properties
Because we own the freehold on your home, we need to make sure your home is adequately insured.
Buying more shares
As a shared owner you may be able to buy more shares in your home. This is called ‘staircasing’.
Selling your home
There are two ways in which most shared owners will be able to sell on to someone else. The legal term is ‘assignment of the lease’.
Please note that the information on this web page is a guide for CBHL home owners – your lease sets out the contractual obligations.