New Shared
Ownership
model lease

The new Shared Ownership model lease will be implemented on all new build Shared Ownership homes delivered through the Affordable Homes Programme 2021-2026.

The new model applies to certain developments and in some instances certain homes, the Curo Sales Team will be able to advise all customers the homes that are available with the new Shared Ownership model.

The new model works in much the same way as before, but with a few changes, including:

• The minimum initial share that can be purchased may now start at 10%, up to a maximum of 75%.
• Option to staircase in 1% increments every year for the first 15 years of home ownership.
• The option for the shared owner to end the nomination period at four weeks if they wish to try selling on the open market.
• All new leases on new build Shared Ownership homes will be provided with a lease term of 990 years.
• There will be a 10-year initial repair period from when the property was first built and only applies if you own less than a 100% share of your home. After the period ends, all repairs are your responsibility.

During the initial repair period, the landlord is responsible for the cost of:

• Essential repairs to the outside of the building.
• Essential structural repairs to walls, floors, ceiling and stairs inside your home.

You can also claim up to £500 a year from the landlord to cover repairing, replacing (if faulty) and maintaining fixtures and fittings that:

• Supply water, gas or electricity – for example sinks, baths or pipes.
• Heat your home, for example a boiler or radiator.

The landlord is NOT responsible for the cost of:

• Installing appliances that use your gas, electricity or water supplies, such as ovens or washing machines.
• Installing other fixtures (such as kitchen cabinets) and fittings (such as a bed or sofa).
• Repairs covered by the building warranty or any other guarantee.

If you break the terms of your lease, your landlord will not need to pay for repairs they’re normally responsible for. For example, if you:

• Cause damage on purpose.
• Do not arrange routine servicing and maintenance, such as regular boiler servicing.

If the repairs are covered by the building warranty or another guarantee, check the warranty or guarantee documents to find out how to claim for the repairs.

Further guidance can be found here