About the new shared ownership model
The Government introduced a new shared ownership model in 2021, to help even more people get onto the housing ladder. This new model works in much the same way as before, but with a few changes:
- The minimum initial share that can be purchased may now start at 10%
- There is now the option of staircasing in 1% increments for the first 15 years
- For the first 10-years you are entitled to claim up to £500 per year from your landlord for any essential maintenance and repairs, known as the Right to Repair.
- Shared owners can now end the nomination period at four weeks if they wish to try sell on the open market
- Each home will be provided with a 990-year lease.
The new model applies to certain developments and in some instances, certain homes. To find out if this applies to you, please get in touch with us on 01225 715 715 or at info@selwoodhousing.com.
Right to Repair
All new build homes have a 12-month period where the developer must fix defects, known as the defects period. This starts from when the builder hands over the property to Selwood Housing (not from when you move in). Any defects during this period should be reported to us as soon as possible so we can pass them onto the developer.
As a shared owner, you take responsibility for all repairs after the defects period. If you want to make any improvements or changes to your home, you will need to contact Selwood Housing and request permission from us first.
If you have purchased a shared ownership property under the new model you have the Right to Repair. For the first 10 years you may claim up to £500 from Selwood Housing to cover eligible repairs. This is to cover the cost of repairs to things that shouldn’t be faulty in a new build home. This includes fixtures and fittings that:
- supply water, gas, electricity e.g. sinks, baths or pipes
- heat your home e.g. boilers and radiators
- support the structure of the building e.g. windows, doors and walls.
The £500 cannot be used to cover:
- Installing other fixtures and fittings such as kitchen cabinets, beds or sofas
- Installing appliances that use gas, electricity or water supplies e.g. ovens and washing machines.
- Repairs covered by the building warranty or any other guarantee.
You can carry over any unspent allowance up to £500 into the following year with the maximum allowance in any year totalling £1,000.
Making a claim
If you need a repair in your shared ownership home and you are eligible for Right to Repair, find out more about making a claim. You will need the password from your new shared ownership model lease pack to access the making a claim page. This will have been provided to you by the sales team on completion.
