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New Shared Ownership Model

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Support for all Homeowners

Following the introduction of the new Affordable Homes Programme (AHP), the original shared ownership scheme saw a number of changes designed to make it much more accessible for buyers.

Under this New Shared Ownership Model (NSOM), buyers now have more flexibility than ever, allowing them to buy the home of the dreams the way they want to. 

The benefits of the new model include:

  • The minimum initial share you can purchase is now 10%, rather than 25%.
  • A 10-year repair warranty has been introduced, meaning you now receive support from either the housing provider or landlord to pay for essential repairs.
  • Shared owners can now take control of the resales process from the landlord at a much earlier point, meaning they have more control over the property sale.
  • Any new lease on a new-build property under shared ownership has a minimum length of 990 years.
  • Staircasing is now much easier - a 1% gradual model means you can purchase more shares in smaller installments with heavily reduced fees.
  • Buyers can now also staircase in tranches of 5% rather than 10%.

As you can see, the NSOM is much more beneficial for buyers that either want to buy through the shared ownership process or are looking to purchase more shares in their home at a rate that suits them.

New Shared Ownership Model Guides

If you buy through the new Shared Ownership scheme you have access to a full range of benefits and support not available under the old model. The guides below cover both the new repair warranty period and how to maintain your new home for as long as possible.

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What is the 10 Year Repair Period?

If you have bought a new build home, delivered through the Affordable Homes Programme 2021-2026, your lease will have a 10-year repair period, also referred to as “initial repair period” (IRP).

If it does, the good news is, you will get support from Platform to cover some essential repairs, that meet the relevant guidelines.

The initial repair period lasts for 10 years from the commencement date of the FIRST ever lease on the property and only applies if you own less than a 100% share of your home (whichever comes first). After the period ends, all repairs are your responsibility.

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10-Year Repair Guide

Under the New Shared Ownership Model, homebuyers now have support when paying for any essential repairs around the new home. Download the guide and see who's eligible, how to make a claim and FAQs around repairs.

Download 10 Year Repair Guide

How Can Homeowners Raise a Repair?

At Platform, we're always looking to make sure homebuyers have what they need when they purchase a home.

Two key aspects of this are the 'New Build Home User Guide' and our new repair portal. 

If you're looking to raise a concern or report an issue for repairs, you can do so here: https://your.platformhg.com/SignIn?ReturnUrl=%2Fprofile%2F 

Likewise, you can download the guide below and find all of the contact information you might need around the subject.

new home user guide

New Home User Guide

At Platform, we want to make sure that you have all the support you need during these all-important early days of moving into a new home, which is why we’ve created this resource.

In this guide, you’ll find all the information you need to properly take care of your new home, as well as a range of contact details you might need.

Download the Home User Guide

Who is Eligible for the New Shared Ownership Model?

The Shared Ownership scheme is available if both of the following apply to you:

  • Your household income is below £80,000 a year. The threshold increases to £90,000 if you’re buying in London.
  • You cannot afford the deposit and mortgage payments for your property of choice.

One of the following statements must also be true:

  • You’re a first-time buyer
  • You used to own a home but can’t afford to buy now
  • You’re forming a new household - typically after a relationship breakdown
  • You’re already part of the Shared Ownership scheme but want to move
  • You own a home and want to move but can’t afford the new home that meets your needs

If you meet all of these requirements, Shared Ownership may be the ideal route for you to start your home ownership journey. 

How Has Staircasing Changed Under the New Shared Ownership Model?

When you enter a Shared Ownership scheme, you have the option to increase the share of the property you own through a process called ‘staircasing’. Under the new Shared Ownership model, staircasing has changed slightly.

If you entered a Shared Ownership scheme for a property provided through the AHP between 2016 and 2021, the minimum share you can buy in an instance of staircasing is 10%.

Under the New Model Shared Ownership scheme, which is for homes funded through the AHP between 2021 and 2026, the minimum share you can buy has been reduced from 10% to 5%. At the same time, buyers also have the option of purchasing shares in 1% increments for the first 15 years with heavily reduced fees.