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Shared Ownership Contract
"I need a Shared Ownership Contract for a new-build apartment in Manchester where the purchaser is buying a 25% share and requires Help to Buy scheme integration, with completion planned for March 2025."
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
Authors
Affordable Housing Provider
Commencement Date
Default
Dwelling
Final Staircasing
Housing Association
Initial Percentage
Initial Share
Lease
Lender
Market Value
Mortgage
Parties
Permitted Use
Premium
Property
Purchase Price
Purchaser
Rent
Rent Review Date
Service Charge
Share Percentage
Shared Owner
Shared Ownership Lease
Staircasing
Staircasing Notice
Term
Total Percentage
Transfer
Valuation
Valuer
Working Day
Initial Share Purchase
Payment Terms
Rent Provisions
Service Charges
Staircasing
Maintenance and Repair
Insurance
Assignment and Subletting
Property Use
Mortgagee Protection
Default and Termination
Notices
Rights and Reservations
Alterations and Improvements
Service Provision
Lease Covenants
Resale Provisions
Ground Rent
Management Obligations
Common Parts
Utilities and Services
Variations
Dispute Resolution
Governing Law
Force Majeure
Severability
Entire Agreement
Third Party Rights
Registration Requirements
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