Home ownership

We are committed to supporting the regeneration and sustainability of our villages, towns and cities

We are committed to supporting the regeneration and sustainability of our villages, towns and cities

TYPES OF LEASE

Leasehold Schemes for the Elderly
This type of home ownership lease only allows leaseholders to own 70% of the property instead of 100% of the property. The lease will contain rules prohibiting the sale of the property to people under a certain age and will also provide for the provision of a Resident Manager/Warden and/or an emergency alarm system which may or may not have an external link to a call centre.

As with other leases for more senior people, the lease often contains special sinking fund arrangements designed to assist residents in budgeting to pay either for cyclical works or major scheme replacements and/or maintenance when such works are required.

Home Ownership Lease
Home Ownership means that the leaseholder does not own the full equity in a property and pays a rent to the Association in relation to the percentage retained by the Association. There are different types of Home Ownership Leases but all of them contain rules on how the rent is set each year and provisions allowing the leaseholder to purchase the remaining share from the Association.

Home Ownership Lease for the Elderly
Part of the property is owned by the leaseholder and the remaining part rented from the Association. The rules may vary from scheme to scheme, but often a maximum ownership of 75% applies. Where a leaseholder owns 75% there is generally no rent to pay although there will be a service charge to pay.

The lease contains rules prohibiting the property being sold on to residents below 55 years of age. The lease will also make provision for the collection of a service charge to reflect the cost of a Resident Manager/Warden and/or an emergency alarm system which may or may not have an external link to a call centre.

Home Ownership (House) Leases
This type of lease makes you responsible for all repairs. The one exception to this rule is that the Association is responsible for insuring the house and remedying any damage caused by an insured peril, such as storm damage, fire or subsidence, etc. Leaseholders may purchase further shares in multiples of 25%, when finally 100% has been purchased the leaseholder can then buy the freehold of the property.

There will be a management fee service charge for managing the rent account and arranging the insurance.