Shared Ownership

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Ownership home

Explore everything you need to know about Shared Ownership homes: whether you’re a current or prospective homeowner.

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Affordable housing plays a vital role in addressing the housing needs of all populations, ensuring everyone has access to a safe and stable home.

PPHA’s housing options are financially accessible for individuals and families of all levels of resource, making it possible to secure a home, without the burden of excessive rent or mortgage payments.

What is
Shared Ownership?

Shared Ownership offers a unique opportunity to purchase a portion of a property, ranging from 10% to 75%, depending on location. This enables you to avoid a substantial upfront deposit, making it more affordable.

Your monthly expenses comprise rent for the share still owned by the Housing Association, combined with your mortgage payment, which will be lower, compared to buying the property outright.

Eg: if you acquire a 40% share, you’ll need a deposit and mortgage for the 40% you own, while paying rent on the remaining 60%, owned by the Housing Association.

Visit our FAQs page for further info.

Eligibility requirements

Eligibility criteria for Shared Ownership:

  • Aged 18 or over.
  • Usually first-time buyers. (If you own another property, either in the UK or abroad, you must be in the process of selling it to qualify.)
  • Your financial situation should prevent you from buying a suitable property on the open market.
  • You must have a good financial track record with no rent or mortgage arrears.
  • A positive credit history is essential. Ie: no bankruptcy in the last 6 years, no unsatisfied County Court Judgements (CCJs), and being up-to-date with tenancy or mortgage payments.
  • Your annual income must not exceed £80,000 (or £90,000 in London).
  • If you plan to purchase with someone else, your combined income must remain within the specified limit.
  • You’ll need a deposit, usually between 5-10% of the equity share you intend to purchase.

To assess your affordability, we’ll connect you with an independent financial advisor as part of your application process.

How to report a defect

During the first 12 months following the construction of your property, any defects related to the construction process will be addressed by the developer. During this period, please report any issues to Pinnacle Direct (a third party management agency) using the information below:

Phone: 0203 701 3575
Email: PPHA@pinnaclegroup.co.uk

Pinnacle Direct will coordinate with the developer to arrange visits and resolve any problems.

NOTE: the defect period begins when PPHA purchases the home from the developer, not when you move in.

After the defect period, the responsibility for repairs and maintenance within your home lies with you.
If you reside in a freehold block, PPHA is responsible for exterior repairs and has insurance to cover them. Should you need repairs to the exterior of your home in a block, please contact us straight away.

Examples

Sometimes, what might appear to be a defect is the responsibility of the leaseholder. Examples are marks to the paintwork, light cracking as a result of a new property drying out, internal redecoration, ongoing maintenance of the garden and any boundary walls or fencing.

Appliances

The appliances in your home, such as the oven, are subject to a warranty period. Any faults during this period will be handled directly by the manufacturer. If you encounter any issues, please reach out to the manufacturer for assistance.

Further information can be found in your Home User Guide.

Our Responsibilities

We will ensure your home is clean, tidy and ready to move in, ensuring any defects identified are repaired as quickly as possible.

We will provide you with a Home User Guide, containing all essential home owner information, including how to use the heating and all appliances, together with answers to any FAQs.

We will confirm the rental element you need to pay and ensure all communal areas are kept clean, safe and tidy.

Your Responsibilities

We ask that you pay your rent and any charges due in a timely manner; and look after your home, reporting any defects, which are the developers’ responsibility to carry out.

We also ask that you seek approval for any alterations or improvements.

We have a zero-tolerance policy for anti-social behaviour.

Home Improvements

Under your lease, you are required to obtain PPHA’s consent to carry out any alterations or improvements to your home. As a Shared Owner, you are responsible for all costs relating to the installation, maintenance, fixing, and replacement. Any work should be carried out by a competent and reputable company.

For any permissions, please contact us at info@ppha.uk

Please note: certain works may invalidate your defect warranty with the Developer. We will discuss this with you, to ensure you are informed.

Rent and
Service charges

PPHA sets rents in compliance with the law and the Regulator of Social Housing’s Rent Standard and Guidance. Service charges are set, based on the costs of delivering the services and include elements such as management costs, estate charges, the costs of cleaning and maintaining communal areas, heating and lighting in communal areas, carrying out repairs and maintenance and health, safety and compliance requirements.

PPHA will ensure that all customers are advised clearly at the start of their tenancy or lease regarding the rent charge and details of any service charges that apply.

PPHA will ensure that any change to the rent and service charges are clearly communicated, ensuring that proper notice is provided in line with all statutory, regulatory and contractual obligations.

Calculating Shared Ownership rents – Shared Owners’ rents and service charges

For Shared Ownership properties, PPHA follows the Shared Ownership and Stair-casing Policy:

  • For newly built Shared Ownership properties, the initial sale sets the annual rent at 2.75% (or another specified percentage) of the unsold equity value. As Shared Owners acquire more equity, the rent proportionately decreases to reflect the remaining unsold equity.
  • When customers purchase an existing property for Shared Ownership (DIYSO or DIY Shared Ownership), the rent aligns with the percentage specified in the lease, which may exceed 2.75%.
  • When setting rents, PPHA considers overall affordability, including total mortgage, rent, and service charge expenses. Rent and service charge calculations adhere to the RSH’s standards and lease terms.
  • Annual rent increases are typically limited to the Retail Price Index (RPI) plus 0.5%, using the RPI figure from annual publications. For the year beginning April 3, 2023, rent increases have been capped at 7%, in line with the government’s November Budget statement.
  • Rent to Buy properties may experience increases of up to CPI plus 1%, except for the year commencing April 3, 2023, where the cap is set at 7%.

How to make a
complaint and how
to report ASB

PPHA is committed to tackling anti-social behaviour, recognising its potential impact on the lives of our customers and the communities we serve. Anti-social behaviour may include violent or abusive behaviour, harassment, threats, failing to control pets, public drunkenness, vandalism, graffiti, prostitution, noise nuisance, domestic violence, illegal drug use, criminal behaviour, littering, and inappropriate use and storage of motor vehicles.

We will exercise professional judgment in assessing reports of ASB and will offer mediation, signpost to other agencies, or liaise with partner agencies when necessary.

Please ensure you or any visitors to your home do not cause a nuisance or annoyance to your neighbours in accordance with the requirements of your lease. If you do experience anti-social behaviour dependent on the nature of the issue, please contact environmental health if it is a noise nuisance, the Police if a crime has been committed.

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