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New model shared ownership lease

New model shared ownership lease

This information is only for those who have bought or plan on purchasing a home built through the 2021-2026 Homes England funding programme. 

If you need clarification on whether you're on a new model shared ownership lease, please check your lease or speak with the new homes team. 

Changes in the new model lease:

  • Staircase in 1% increments for the first 15 years of the lease. 
  • Staircase in 5% increments (it was previously 10%). 
  • Buy a minimum stake of just 10% (previously 25%) *. 
  • Have a term of at least 990 years on the new leases. 

Changes to repairs and maintenance: 

  • We will be responsible for external and structural repairs for the first ten years of the lease. 
  • Repairs will still be your responsibility, but you can apply to us to contribute towards the cost of these repairs. 
  • You will be eligible to receive up to £500 each year for the first ten years to put towards general repairs to your heating and domestic services, such as electrics and plumbing. 
  • You can also carry over any balance remaining up to a maximum of £500 per year.   

Important note: these repairs will be covered by the developer during your defects period, usually 12 months after the build is completed. 

*Longhurst Group reserves the right to decline any applications that do not meet the development's financial viability targets. 

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