Shared-ownership

Shared-ownership, also known as part-buy, part-rent, is a form of low-cost home ownership where the purchaser part owns and part rents their home. The scheme is designed to help people who cannot afford to purchase a house outright and is an opportunity to get on the home ownership ladder.

There are new build shared-ownership schemes available whereby you can purchase a brand new property that no-one has previously lived in, or occasionally we have properties whereby a current shared owner wishes to sell their property.  Theses are known as ‘re-sales’.

To read our useful Guide to Shared-ownership click here.

Available shared-ownership homes

To find out more about our available affordable houses and apartments please contact our Home Ownership Sales Team on 0845 337 4877 or visit  our dedicated shared-ownership website at http://www.paradigmliving.co.uk/

Buying more shares in your home

Once you have been living in the property for a length of time and you find your financial situation has improved, you may wish to buy a further share of the equity.  This is known as ‘staircasing’.  For example, if you own 50% of the property, you can choose to buy further shares in your home.  This can be done at a minimum of 10% shares and you are able to take 4 steps until you own 100% of the property, thus owning the property outright.  The first step is the initial share with the final step being the final share.  Your rent will reduce with each additional share you purchase.

Do I need to pay a service charge?

A service charge is paid to contribute to the cost of services provided to your scheme. You are responsible for paying your service charge and rent on shared-ownership schemes.

The service charge is usually reviewed on an annual basis and our policy is to obtain value for money at all times.

Alterations and improvements to your home

If you wish to make any alterations to your property, your lease will inform you of what permissions should be obtained from Paradigm before proceeding. If you are in any doubt contact our Customer Services team on 0300 303 1010

Repairs and maintenance

You are responsible for the repairs and maintenance to the inside of your home.  This includes electrical cabling, gas pipes, water pipes, drainage, kitchen fittings and sanitary fittings. You are also responsible for decorating the inside and sometimes, outside of your home. Check your lease or transfer document for clarification of responsibilities or contact our Customer Services team on 0300 303 1010

Paradigm is usually responsible for repairing and maintaining all of the outside of shared-ownership buildings, along with any internal communal areas such as Stairwells, corridors and laundry rooms. The cost of any repairs or maintenance carried out by us is paid from your service charge account.