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New Build Homebuy - frequently asked questions

'New Build Homebuy' was formerly known as 'Shared Ownership'.

What is New Build Home buy?

It is where you part-buy, part-rent a newly built property owned by a housing association. A minimum income will be required, but this is calculated on an individual scheme basis.

What are the starting costs?

You will need to be able to cover the cost of the mortgage valuation or survey, legal fees, and stamp duty. The minimum savings required are set out on an individual basis, but you should have access to at least £4,000 savings. You may also need to cover the costs of removals, connection charges for phones, and so on. In most cases, buying a home involves paying a deposit.

What are the monthly costs?

Every month, you will need to make some or all of the following payments:

Your mortgage repayment, which you make to the lender.
Your rent, which you pay to a housing association, on the part of the property that you are not buying.
A management charge.
Building insurance.
If you buy a flat (or house on an estate with shared area), you will also pay a service charge for maintenance and upkeep of these common parts.
Council Tax.
Repairs and maintenance of your home.

If I buy a share now, can I buy more of my home later?

This is called staircasing. You should check with the housing association as to the specific rules of your scheme.

In general, after you have lived in your home for a year you can buy an increased share or buy it outright. The price of the increased share will be based on the value of your home at the time you want to staircase – whether that is more or less than when you originally bought.

What happens when I want to sell?

You can sell your share of the property at any time and an independent survey will decide what your property is worth. The property will be sold at the current market valuation. The housing association will help you to do this by looking for a possible buyer on their waiting list.

Who pays the Council Tax on the home I buy?

It is your responsibility to pay Council Tax.

Who pays for repairs and the ongoing maintenance in my new home?

It is your responsibility to repair and maintain your new home. New homes often come with a guarantee that will cover defects in your home for the first year after it was built. This guarantee usually only covers defects in the builders’ workmanship.

What if I die after buying a shared ownership lease?

If you die, your home will be passed on in the normal way under the terms of your will. If you have not made a will it will pass on under the laws of intestacy.

For more information, please contact:

Application and Enquiries team
Metropolitan Home Ownership
The Grange
Southgate
London, N14 6PW

Tel 020 8920 7777

Email housingoptions@mht.co.uk

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