Buying through Shared Ownership with Peabody will make you an owner-occupier and Leaseholder. Being a leaseholder means you will usually have a lease for a set number of years and pay for things like ground rent and service charges. Below we have compiled a group of useful informational pages for Peabody leaseholders.
Selling your home if you live in a block of flats
Some leaseholders may experience issues securing mortgages for homes which are in blocks of flats as a result of changes in building safety advice. Please seek advice directly from your lender or mortgage broker before applying so that you do not incur any unnecessary valuation or solicitors' costs. For more information, please read our important building advice for those living in a block of flats.
The process of buying more shares for a Shared Ownership home is reffered to as staircasing. If you staircase to 100% you will become an outright owner.
Selling your home
Selling your Shared Ownership home is a straightforward process and is known as a resale. You can sell your Shared Ownership home at any time.
Lease and lease extensions
When purchasing a property, you will sign a lease which states your rights and responsibilities as a leaseholder. You can also request to extend your lease.
Remortgaging occurs when you move from your existing mortgage lender to another lender. We can help guide you through remortgaging your home.
Right to Buy
If you are giving up an assured or secure tenancy, we consider you a priority for affordable home ownership.
All new build Peabody properties come with a warranty, usually for one year. Find out about warranties for our new build homes.