Shared Ownership (HomeBuy) 

For details of Shared Ownership schemes in the region, contact Help To Buy for homes in Norfolk, Suffolk, Cambridgeshire and Bedfordshire.

Who is responsible for insurance?

Contents insurance is your responsibility. It is worth shopping around to ensure that you are getting the best deal.

We take out building insurance for the structure of the property and will require a contribution from you towards this cost or any excess in the event of a claim (at present this is £50).

Who is responsible for repairs?

As a shared owner, all repairs and maintenance of the property are your responsibility.

How much rent do I pay?

This depends on the amount of equity that you own. For example, if you have bought 40 per cent then you would pay 60 per cent of the full rent.

Your rent may increase every year as it would if you were renting any other Suffolk Housing home. The rent charged covers the cost to us of borrowing money to provide homes and our management costs.

Why do I have to pay a service charge as well as rent?

In some schemes there are communal areas which have to be maintained for the benefit of all residents.  The cost of this is spread between all residents through an annual service charge. In addition the buildings insurance premium for each property paid by us is recharged to each resident. Typical service charges for a house are around £25 pcm and for a flat around £75.

How and when can I buy further shares?

As your personal circumstances or finances change, you can buy further shares in your home at any time after the first year of your initial purchase. You may buy any size of the share remaining until you gain 100 per cent ownership as long as it is in 25 per cent, 50 per cent or 75 per cent portions.

The price you pay depends on the value of your home at the time you wish to buy further shares as house prices can go up or down.

However, in some areas, especially rural locations, the maximum share you can purchase is restricted.  This can be up to 70% to 80%. This is to ensure that the homes remain available to local people. If this is the case, you should be advised of this by your solicitor before you buy a share in your home.

What is the minimum share I can buy?

This will depend on the particular development – generally we aim to sell shares of 40 to 50 per cent but may consider smaller shares in some circumstances. The minimum share you can buy is 25 per cent.


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