Shared Ownership: An Owner’s Guide

Congratulations on becoming a shared owner and welcome to your new home.

Once you’ve collected your keys and moved in, there are a few important responsibilities to understand about your Shared Ownership property. From monthly rent payments to making improvements to your home, understanding how Shared Ownership works can help you make the most of your homeownership journey.

So, in this guide we explain the key costs, responsibilities and rules that come with being a shared owner. For full details about your rights and responsibilities, please refer to your lease.

Your Ongoing Costs

Shared Ownership Rent

As a shared owner, you'll pay rent on the share of your home that you don't own. The amount you pay is set out in your lease and is reviewed each year.

If you buy more shares in your home through staircasing, the amount of rent you pay will reduce as the share you own increases.

Service charge

This Shared Ownership cost helps cover services provided by Abri and may include:

• repairs
• maintenance
• insurance
• management costs for communal areas.

Unlike your rent, your service charge won’t reduce if you buy more shares in your home.

If services are provided by a management company, you may be asked to pay them directly. Or, in some cases they may invoice us, and we'll then pass the charge on to you. If you'd like more information about your service charge or copies of any related documents, please get in touch with us and we’ll be happy to help.

Building Insurance

Many Shared Ownership providers arrange buildings insurance for the homes they manage and ask homeowners to contribute towards the cost.

At Abri, our buildings insurance policy typically covers damage caused by: 

• fire
• flood
• vandalism
• burglary
• accident.

The excess is £100 for most claims.

If you’re an existing Abri shared owner and have any questions about your buildings insurance policy or would like a copy of the latest policy documents, please get in touch with us.

It's important to note that building insurance doesn’t cover your personal belongings, so it's vital that you arrange your own contents insurance to protect the things that matter to you.

Home Improvement Rules

Decorating your home

Your Shared Ownership home is yours to personalise. Whether you're choosing a new colour scheme or adding your own decorative touches, decorating is a great way to make your space feel like home.

While it’s not a rule, it’s generally recommended that you wait around a year before you start decorating, as this gives the building materials of your new home time to settle.

Making home improvements

Making improvements is all part of turning a house into a home. However, some changes can affect the structure or value of your property, so it's important to check with us before carrying out any work.

Getting approval before you start can help make sure the planned improvements comply with the terms of your lease and avoid any unexpected issues in the future.

Examples of home improvements include:

• new double glazing
• replacing kitchens
• installing a new bathroom
• installing or replacing central heating.

If you're thinking about making improvements, your Home Owner Services Officer will be happy to explain what's needed and guide you through the approval process. You may also need to provide quotes you’ve received for the work you plan to carry out.

If Your Circumstances Change

We understand that in life, things can change.

Whether you need to update the ownership details on your lease or you're concerned about keeping up with your mortgage, rent or service charge payments, help is available. 

At Abri, our Welfare and Benefits team can answer your questions and help you explore your options.

Transfer of ownership

There are several reasons why ownership arrangements might need to change. Whether you’re starting a new chapter, supporting a growing family, or experiencing a change to your personal circumstances, we’re here to help to make the process as straightforward as possible.

If you’re changing from joint ownership to sole ownership, we'll need to carry out a few checks to ensure the remaining owner can comfortably afford the home. If you’re changing from sole to joint ownership, we’ll need to check that you both meet the Shared Ownership eligibility criteria.

In either case, you’ll need to provide certain supporting documents and may be asked to fill in an application form before we can approve the changes.

There are also costs involved transferring ownership, including:

• a transfer of ownership fee
• solicitor fees
• lender administration fees.

Divorce or Court Order

If you need to remove someone from the lease following a divorce, we’ll act in accordance with the terms of the Court Order and transfer the ownership to the person that will continue living in the property.

Selling your Shared Ownership property shares

If you're experiencing financial difficulties, we understand this can be a worrying time.

If we are your Shared Ownership provider, you may be able to apply to sell some of your shares back to us in certain circumstances. Each application is assessed on an individual basis and is intended to support customers whose financial difficulties are linked to mortgage and/or rent payments.

Unfortunately, we're unable to assist where financial difficulties relate to unsecured borrowing, such as personal loans or credit card debt.

If you have any questions about Shared Ownership, whether you need guidance on home improvements, staircasing, transferring ownership or managing your payments, our team is here to help. You can speak to your Home Owner Services Officer or explore our Shared Ownership Buying Guides for more information.

Shared Owner Guide: FAQs

Is it difficult to sell Shared Ownership properties?

Shared Ownership properties aren’t necessarily more difficult to sell than fully owned homes, but the process can be more complex and may take a little longer. This is because there are specific rules around how second-hand Shared Ownership homes are sold, including a nomination period of up to 12 weeks and eligibility criteria that prospective buyers must meet.

Can I decorate my Shared Ownership home?

Yes. You can decorate your Shared Ownership home to make it your own. However, if you've purchased a new-build property, it's best to wait for around a year before carrying out any decorating work. This is to give your new home time to settle naturally as the building materials dry and adjust.

Can you buy out your Shared Ownership property in full?

In most cases, yes. Through a process called staircasing, you can buy more shares in your home as and when works for you. And, if your lease allows it, over time until you can staircase to own 100% of the property. To find out more have a read through our Staircasing Guide.

Do I need contents insurance for my Shared Ownership home?

Yes. We recommend that you arrange your own contents insurance as Abri’s buildings insurance doesn’t cover your personal belongings. Contents insurance will protect your items such as furniture, electrical goods and valuables against risks like theft, fire or accidental damage.