Setting the Record Straight on Service Charges, Resales and Staircasing

Setting the Record Straight on Service Charges, Resales and Staircasing

The new Shared Ownership Unpacked Podcast

There’s no shortage of opinions about Shared Ownership, but it’s important to separate the myths from the facts. With constant confusion surrounding service changes, resales and staircasing, Southern Housing New Homes decided to launch our Shared Ownership Unpacked Podcast to give visibility and clarity to potential buyers.

Hosted by Joe Bartlett (aka The Home Buyer Coach) and Southern Housing New Homes very own Rob Horne, plus a range of guests sharing real-life stories and industry insights, this brand- new podcast offers honest conversations about how Shared Ownership really works. It covers the good, the bad and everything in between to help you make an informed decision.

Service charges are a common talking point when it comes to Shared Ownership. Many believe they’re more excessive or unique to the scheme, but in reality, service charges are part of most leasehold ownerships, whether you own outright or through Shared Ownership.

These charges typically cover communal maintenance, cleaning, lighting, building insurance and sinking funds for future repairs. What sets Shared Ownership apart is the transparency and oversight that housing providers like Southern Housing New Homes aim to deliver.

On the podcast, Vikki Walker, Director of Sales & Marketing at Southern Housing New Homes, and Anthony Hall from Censeo Financial go into more detail about how charges are calculated, what they pay for and how providers work to keep them fair and predictable.

While some buyers are concerned that Shared Ownership homes may be difficult to sell, the resale process is in fact well-defined and supported.

Here’s what it typically involves:

·      Inform Southern Housing of your intention to sell

·      Arrange a RICS-accredited valuation to determine your home's market value

·      An 8-week nomination period begins, where the provider markets your home to eligible buyers

·      The property is listed on platforms such as SHO Sales and Share to Buy

·      If no buyer is found during the nomination period, you can usually sell on the open market

·      All buyers must still meet Shared Ownership eligibility criteria

Southern Housing has a strong resale success rate, with around 80% of resales completed within the nomination period. Episode Staircase & Selling – Can I Ever Own 100%? guides listeners through the entire process, sharing practical tips on how to prepare and what to expect along the way.

Staircasing allows you to increase the share you own in your property, eventually up to 100% if you choose. It’s a powerful benefit of the scheme that many buyers use as their financial circumstances improve.

Key points from the podcast include:

·      You can staircase in increments based on your affordability, depending on your lease terms

·      75% of Shared Ownership owners who staircased last year reached full ownership

·      As your share increases, your rent decreases proportionally

·      You gain equity based on your ownership share

·      You can also transfer equity, for example if you're adding a partner to your ownership

Guest Laura Rose, Head of Sales Services at Southern Housing New Homes offers expert guidance on when and how to staircase, including the financial and legal steps involved in the episode Staircase & Selling – Can I Ever Own 100%?.

Created to challenge the myths and clear up confusion, this podcast gets straight to the heart of Shared Ownership. It answers real buyers’ questions; breaks down how the scheme works in practice and delivers expert advice you can actually use.

Whether you're unsure about service charges, planning to staircase, or thinking about reselling your Shared Ownership home, the Shared Ownership Unpacked Podcast is a valuable resource.

Tune in to the Shared Ownership Unpacked Podcast and explore homes from Southern Housing New Homes.