Shared owners

Your shared ownership lease

An introduction to your shared ownership lease and answers to frequently asked questions.

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Your shared ownership lease is a contract between you, the leaseholder, and GreenSquareAccord, the landlord.

Your lease is a legal document that explains your rights and responsibilities, and ours as your landlord. It includes other important information too, such as who is responsible for maintaining your home.

It’s really important you read your lease and get to know it, as it contains a lot of information about what you can and can’t do to your property.

You’ll have received a copy of your lease when you bought your home. Your mortgage company and solicitor will also have copies, and you can get a copy from Land Registry.

Frequently asked questions

How do I add a name to my lease or remove someone?

If you want to add or remove someone from your lease, you’ll need to instruct a solicitor to do that for you. Your solicitor will let us know once the process is finished, so we can update our records.

Can I have a lodger or sublet my home?

Under the terms of the scheme, your shared ownership property must be your principal home. Your lease doesn’t allow you to rent out or sublet your home unless there are exceptional circumstances. Please contact us if that’s the case. 

You may be able to rent a room to a lodger, as long as you’re living in the property. Please let us know first so we can check the terms of your lease. 

If your lease does allow you to have a lodger, you won’t be able to give them a formal tenancy agreement as that’s not permitted in your lease. You may also need to get permission from your mortgage company and provide us with proof of their agreement. 

When your lodger moves in, you’ll need to tell HMRC as the extra income could affect any benefits you receive. 

Please remember that if you sublet your home, you will be breaking the terms of your lease and we can take legal action against you. 

What does my service charge cover?

As part of your lease, you may have to pay us ground rent and service charges. You can find more information about these charges and what they cover in our rent and service charges section.

Can I re-mortgage my shared ownership home?

You’ll need to send us a copy of your revised mortgage offer and get our permission if you want to re-mortgage your home. 

The amount of your new mortgage can’t be more than the market value of the share in your home, which means you can’t borrow more than your property is worth. 

Can I pass on my shared ownership property after my death?

You can pass on your shared ownership property to someone you name in your will.

The executor of your will, or the person dealing with your estate, will need to tell our Home Ownership team about your death. They will also need to instruct a solicitor to legally transfer the ownership of the property. Their solicitor should let us know when the process is complete, so we can update our records and send important information to the new owner.

It's important to note that the person inheriting your shared ownership property will be responsible for paying the remaining mortgage payments, rent, and service charges.