Guidance on Coronavirus (COVID-19)
We are continuing to actively manage our response to Coronavirus (COVID-19) and are following updated Government advice. Please see our latest guidance for anyone buying a home or attending a property viewing with Peabody and how we are supporting residents and local communities.
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, visit the Peabody website.
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.
Move On Up
'Move On Up' is Peabody’s Portable Equity Scheme that makes finding our existing Shared Owners their new home through Shared Ownership, Help to Buy or Private Sale.
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.
Service charge covers the cost of maintaining communal areas and any building insurance or major works. Find out more about service charges.
Looking for a Peabody home?
At Peabody, we offer a selection of open market sale, new build and resale Shared Ownership homes throughout London and the East of England. Use our property search to find your dream home.