The Shared Ownership Contract is a fundamental document in England and Wales' affordable housing sector, designed to help individuals step onto the property ladder who might otherwise be unable to purchase a home outright. This contract type establishes the legal framework for shared ownership arrangements, detailing initial share purchases, rent calculations, staircasing options, and ongoing responsibilities. It's particularly relevant in urban areas where property prices may be prohibitive for first-time buyers, and must comply with specific Housing Act requirements and Homes England guidelines.
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1. Parties: Details of the shared owner and housing provider
2. Background: Context of the shared ownership arrangement and reference to key legislation
3. Definitions: Key terms used throughout the agreement including statutory definitions
4. Property Description: Detailed description of the property including boundaries and shared areas
5. Share Percentage: Initial share percentage being purchased and payment terms
6. Staircasing Provisions: Terms and conditions for increasing ownership share including minimum and maximum percentages
7. Rent Provisions: Terms for rent calculation and payment on the unpurchased share
8. Service Charges: Details of service charges, calculation method and payment terms
9. Repair and Maintenance: Responsibilities for property maintenance and repairs
1. Mortgagee Protection: Required when property is mortgaged - includes provisions protecting mortgage lender's interests
2. Help to Buy Provisions: Specific terms related to Help to Buy scheme compliance and requirements
3. Subletting Provisions: Terms governing subletting permissions and restrictions
1. Schedule 1 - Property Plan: Detailed plan showing property boundaries and common areas
2. Schedule 2 - Service Charge Schedule: Breakdown of service charge components and calculations
3. Schedule 3 - Staircasing Schedule: Detailed procedure for staircasing applications and valuations
4. Schedule 4 - Rent Review Schedule: Method and timing of rent reviews including calculation formulae
5. Schedule 5 - House Rules: Regulations for shared buildings or estates including use of common areas
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