Rights and Responsibilities
When you buy new build Shared Ownership property, you enter into a lease agreement, usually 99 years long. Your solicitor will explain the lease etc, but the main areas covered are the repairs and other outgoings that you and the housing association are responsible for, how the rent and service charge will be calculated and paid, and how you can buy further shares or sell the property in the future. You essentially have all the same rights and responsibilities of any homeowner. You are responsible for all maintenance and repairs to your home, including boundary fences, etc although your landlord is responsible for repairs to ‘common parts’ in a development. For any common parts such as roofs for apartment blocks you pay into a sinking fund within your service charge towards repairs in the future.
You will not be able to sub-let the property (with the exception of serving Ministry of Defence) or use your home for business or do anything that could affect the buildings insurance.
Improvements and adaptations
For any improvements or adaptations, you should always consult with your housing provider/ landlord first. If your improvements add value to the property, this will be taken into account when you sell the property or buy extra shares so that you get the full benefit of them.