Frequently asked questions

Questions we're often asked about buying a home with us.

Who do I share my home with?

Nobody. We don't share the property with you, we just own some of it.

What if I want to sell my home?

If we still own a share in the property we'll try to find someone to buy from you.

Can I have pets?

You need to ask our permission.

Can I sublet or rent out my home?

Only in very rare cases. You must ask us first.

Can I have wooden floors?

We do not usually allow wooden floors under your lease. Sometimes we can allow wooden flooring if there is no noise risk for your neighbours.

Does my rent pay off the share I don't own?

No, the rent covers the cost of our loan that we take out.

Does the rent go up?

Yes, the rent goes up on 1 April every year, by an amount recommended by the Homes and Communities Agency. This is shown in your lease.

When do I stop paying rent?

Even if you pay off your mortgage, you only stop paying rent when you buy 100 per cent of the shares in your home and own your entire home, or when you sell it.

How do I pay my rent?

Your rent is due on the first of every month. You can pay by direct debit or standing order.

You will normally pay your first rent payment through your solicitor in time for when you complete (the completion date).

If you complete towards the end of the month, you would normally pay until the end of the month and for the next month.

Do you share the cost of council tax and water rates?

No, you will be responsible for the whole amount.

Do I have to take out contents insurance?

No, you don't have to, but we recommend you seriously consider it because buildings insurance won't cover your belongings.

What does my service charge cover?

This will cover a variety of costs and includes:

  • buildings insurance
  • cleaning and maintaining shared areas
  • reserve funds
  • lift maintenance if your block has a lift.

What is the reserve fund?

The reserve fund is a saving fund for the building you live in. These funds pay towards large items such as, decorating shared areas, lift replacements and roof replacement.

Does the property I'm buying have a builder's guarantee?

Most new homes we offer have a 10-year guarantee. This guarantee covers certain repairs, and most of our new homes are sold with an NHBC guarantee.

Do I have to pay for repairs and maintenance?

You will pay for all repairs to your home. If your home is in a block, you pay the service charge where we set aside funds to pay for maintenance and repairs in the shared areas.

Why do I have to pay for buildings insurance?

If anything happens to your property, like subsidence or structural damage caused by storms, floods or fire, you'll need insurance money to fix it.

More information

For more information about New Build HomeBuy (shared ownership) or to add a question to this page contact us on 020 8357 4444 or sales@nhhg.org.uk.