Shared owners information

Information for shared owners What is a shared owner?

A shared owner is someone who buys a stake of between 25% and 75% of the property, either using a deposit and a mortgage, or using savings that they may have.

The shared owner then pays rent on the remaining share, which is owned

by Thirteen.

The shared owner may have a right to purchase additional shares in the property until they own 100% of the equity. At this point the property is no longer a shared ownership property.

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Information for shared owners What does my rent cover?

When purchasing a property under the Buy in Part (shared ownership scheme) the repairs and maintenance responsibility falls completely with the shared owner.

This means the rent paid on the equity Thirteen retains is charged and retained back into the shared ownership funding used to build/acquire your home.

The rent charged on your property is lower than a market rent and is based on a specific percentage of any unsold equity.

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Information for shared owners Rent arrears management - shared ownership As a shared owner, if you are having difficulties paying your rent please contact the credit control team on 0300 111 1000 who will help you with repayment options available to you.

You can also be referred to Thirteen's Money Advice team who offer personalised confidential advice on all money, debt and benefit issues.

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Information for shared owners Rights and responsibilities As a shared owner you are responsible for all repairs and maintenance both inside and outside the property.

You are responsible for the payment of all charges relating to the property, including rent and/or mortgage (if applicable), estate service charges, council tax etc. • As the property is an affordable housing product with government funding, the property cannot be used for purpose other than as a residential property. For example, you cannot sub-let or run a business from a leasehold property. • You should not carry out alterations without our written consent before the works proceed as this will be lease dependent. • You should not cause or allow anyone living in or visiting your property to cause anti-social behaviour.

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