Shared Ownership: What happens after you move in? 

You did it – you bought a Shared Ownership property! You’re officially a shared owner with a mortgage and a home to call your own. So, what happens now? Let’s explore what lies in store after you move in.

Resolving new-build snags

If you’ve bought a new-build Shared Ownership home, you’ll benefit from a new-build warranty. Warranties vary between developers, but most new-builds come with a one or two-year warranty period for defects and a longer warranty period to cover structural issues.

New-builds usually take some time to settle as they adjust to their foundations and the building materials dry out. This typically takes between six and 18 months, depending on the local terrain and weather. During this time, you may notice cosmetic snags, such as paint splatters, but some snags, like major cracks in the walls, may indicate significant underlying issues with the foundation or roof.

Keep a written record and take pictures of any snags you find and present them to the developer, as they’re responsible for resolving any defects caused by unsatisfactory workmanship during the warranty period.

Shared Ownership home maintenance responsibilities

While the builder takes responsibility for defects during the new-build warranty period, as a shared owner, you’re responsible for all other repairs and maintenance. However, as part of the new Shared Ownership model, you’ll receive support from your housing provider to pay for essential repairs during the first 10 years. This applies to new-build homes available through the government’s Affordable Homes Programme.

If you’ve bought a Shared Ownership apartment, your housing provider or managing agent will be responsible for repairs and maintenance of the building’s exterior, communal areas and grounds. Your service charge covers the cost of this; be sure to check the terms of your lease to see how this will be calculated.

You can find more information about Shared Ownership home repairs on the government’s website.

Get to know your neighbours

Whether you’ve moved into an apartment or house, you’ll have a host of new neighbours on your doorstep. This presents a great opportunity to meet new people, expand your network and build a sense of community. Get to know your neighbours by following these tips:

• Introduce yourself: Knock on their door and say hello – putting names to faces is the starting point for creating neighbourly connections.
• Join the community Facebook or WhatsApp group: This will help you stay updated with announcements and build rapport with your neighbours.
• Participate in community events: Some housing providers host events to foster a sense of community at their developments. Alternatively, be the instigator and organise socials to connect with fellow residents.

Integrating with the community

Aside from decorating and furnishing your new home, integrating with the community can help you settle in. It’s a process that takes time, but these tips will get you started:

• Explore the neighbourhood: Take time to explore and familiarise yourself with the location of essential amenities like supermarkets and transport links.
• Use the amenities: From green spaces to sports facilities, using the amenities will help you settle into life in your new locale.
• Shop local: Explore the nearest independent shops and eateries. Supporting small businesses is not only a great way to engage with your community, but it also bolsters the local economy.
• Join the electoral register: As well as being a practical matter, joining the electoral register at your new address means you can vote in any upcoming elections and have your say in shaping the local community.

Staircasing your Shared Ownership home

If your financial circumstances change after moving in, you may decide to purchase additional shares in your home. This process is called staircasing and is completely optional. If you choose to buy a higher percentage, your mortgage repayments will go up, but you’ll pay less rent to your housing association. If you decide to staircase to 100%, you’ll become the outright owner and won’t pay any rent.

Visit our Shared Ownership staircasing hub for more information.

At Share to Buy, we make your choice easier with a selection of new-build homes across England, available through alternative homeownership schemes such as Shared Ownership. Get your home-buying journey underway using our property portal.