New model shared ownership (NMSO)

• You can buy between 10%-75% of a new build Shared Ownership home.
  
  
• All new leases on new build Shared Ownership homes will have a minimum lease length term of 990 years.
  
  
• Staircasing tranches reduced from 10% to 5%.
  
  
• You will have the option to buy 1% each year for 15 years with heavily reduced fees.
• Both emh and you will each remain responsible for your own legal fees if you choose to get legal advice/ representation. We would encourage any shared owner looking to gradual staircase to seek legal advice, as it is a legal transaction.

The share you purchase is determined by an affordability assessment, taking into consideration the property price, your income and any monthly outgoings.

Generally, our new developments are advertised from 40%, however under the New Model for Shared Ownership, shared ownership properties can be purchased from as little as 10% but this can vary by development.

Please ask us for further details.

Emh will produce easy to read, key information documents prior to a sale that will highlight key responsibilities, processes and costs:

• Key information about the home
  
  
• Summary of costs
  
  
• Key information about shared ownership.

These will be issued to you at an early stage during the sale process to allow you to make an informed decision.

It is important that you are aware of the responsibilities associated with becoming a shared owner and have a good understanding of both the initial and ongoing costs of managing a Shared Ownership home.

Search for a property using our Property Search tool to view all our available properties. Full details of what is included is contained within each listing. Please call us for further information or to arrange a viewing.

In order to purchase a Shared Ownership home you must be qualified by your local Help to Buy Midlands.

Once you have been given the go ahead you can apply online.

PLEASE NOTE: If you are applying for a specific property, please provide details of it in your application and ensure that you name emh sales as the provider so that they can forward the application to us.

Structural repairs - There may be essential repairs that we will be liable for within the first 10 years from the date of your completion, or for Rent to Buy and Right to Shared Ownership tenants who have converted to Shared Ownership, from the practical completion date of the property.

The majority of these types of repairs will be covered by the build warranty, however in some instances we will undertake the work.

Non-structural repairs - The new model shared ownership lease gives you £500 per year to use towards the cost of general repairs. You’re still responsible for getting these repairs done to your home but you’re able to make a claim for up to £500 towards the cost of your repairs. You can also carry over any balance remaining up to a maximum of £500 per year.

Important note - These repairs will be covered by the developer during your defects period, usually 24 months after the build is completed. You will also have a warranty on your home, details of which can be found on your handover paperwork.

Year 1 = all items that qualify as a defect will be covered under the defects liability process. You must report each item to us as per the instructions in your handover paperwork.

Year 2 = all items that qualify as a defect will be covered under the defects liability process. You must report each item directly to the developer as per the instructions in your handover paperwork.

Years 3-10 = you can make repair claim requests to us by completing the online repair claim request form (subject to eligibility).

Structural repairs - To request an eligible structural repair, you must complete the online Repair Claim Form on our website.

Non-structural repairs - To make a claim for the cost of non-structural repairs you must first complete the online Repair Claim Form on our website to get pre-approval from us before you get the work done. We will only consider retrospective claims where work has been done in an emergency.

Using our online form, you can register your claim for approval. You must include:

• a photograph of the repair
  
  
• a report with details of the issue
  
  
• for non-structural repair claims, you must include a quote from a Trustmark registered professional to complete the work.

We will confirm that the work has been approved within seven working days. Please do not do anything until you have this approval.

For non-structural repairs, once the work has been completed you can use the online Repair Claim Form to provide evidence of the completed repair and receipts from your Trustmark approved contractor to recover your costs (up to £500 each year).

If you need to get non-structural work done to your home in an emergency, you can also make a claim for the costs you’ve incurred using this process.

The below repairs are essential repairs that we will be liable for within the first 10 years from the date of your completion.

The majority of these types of repairs will be covered by the build warranty, however in some instances we will undertake the work.

Examples of these are:

• Failing render (cracking / cosmetic)
• Rainwater goods
• Roof works (loose ridge tiles) although this could be storm damage/act of god
• Wet/ dry verge failure
  Loose panelling/cladding systems
• Loose or unsecure stair components (handrails, newel posts, treads / risers).
  

Other repairs require a contribution from us within the first 10 years to a maximum of £500 per year, providing they are not covered by the build warranty or any other warranty.

The repairs falling under this category could be:

• baths, basins and sinks
• water main pressure issues
• ticking pipes
• stop cock failure
• heating fault/failure (if outside the appliance warranty and the service record is up to date). This includes boiler, radiators, thermostats
• domestic hot water provision fault/failure (if outside the appliance warranty and the service record is up to date)
• renewable technology fault/ failure (if outside the appliance warranty and the service record is up to date)
• basin, sink, bath taps repairs /replacement (replacement ceramic cartridge/washer)
• basin, sink, bath waste and trap repairs/replacement
• re-secure loose taps
• shower valve fault/failure
• faulty WC flushing system/ syphon etc.
• wastewater discharge (bath, sinks and WC) pipework repairs
• drainage issues from sanitary ware.
  

Any repair that falls outside of those highlighted above would be a customer responsibility and not covered by emh, eg shower screen, shower hose, shower head, bath panel, any accidental damage.

Once we receive your claim, we’ll check through all the information you give us.  We may need to ask you for more information to review your claim. Once we’ve approved or refused your claim internally, we’ll confirm the decision with you. If you claim is refused, you’ll have the opportunity to have this reviewed.

If your claim is accepted, then for non-structural claims we’ll let you know and confirm the remaining balance of your allowance. We’ll also ask you for important information about the evidence you’ll need to send us after the work is completed.

Under the New Model for Shared Ownership, you can purchase further shares in your property at any time. In most cases you can purchase up to 100% of the equity in the property, thereby becoming the outright owner. This is a process known as ‘staircasing’.

The staircasing process will enable you to purchase 5% or more at the prevailing market value as assessed by an independent RICS registered surveyor.

Please ask us for further details.

In addition to being able to staircase in 5% or greater amounts, you will have the option to buy 1% each year with heavily reduced fees. The price of each 1% share will be based on an estimated valuation linked to the original purchase price, adjusted each year upwards or downwards in line with local House Price Inflation.

Key details are as follows:

Property eligibility

• Gradual 1% staircasing will be applied to new Shared Ownership homes and homes where a resident has accessed Shared Ownership through the Right to Shared Ownership.
  
  
• The gradual staircasing offer will be available for a minimum of 15 years.
  
  
• You will not be able to roll over or accumulate the gradual staircasing offer to purchase in future years – it is limited to a maximum of 1% each year.
  
  
• A full 15-year term of 1% gradual staircasing will be available on all new model for shared ownership homes.
  
  
• A new 15 year term will be offered to the new shared owner when a new model for shared ownership home is resold (known as a resale).

Valuation

• We will use the original RICS valuation (i.e. the original purchase price of the home) as the baseline valuation. Each year, we will use the latest available House Price Index (HPI) data for the appropriate local authority and property type (published by HMLR) to adjust the valuation upwards or downwards and produce an up to date valuation for anyone who wishes to purchase an additional 1% of their home via gradual staircasing.
  
  
• We will provide you with this updated valuation (for the purposes of 1% gradual staircasing only) at least once per year, and at any other point that you request to purchase an additional 1%.
  
  
• HPI valuations will be valid for a maximum of 3 months at which point we will produce an up to date valuation using latest available data. This is in line with the current valuations process.
  
  
• There will be no right to appeal an estimated valuation. If you are unhappy then you can opt to use a RICS valuation – this will be at your own cost.
  
  
• We will also have the right to use a RICS valuation where we have significant concerns about the accuracy of a HPI valuation. This will be at our cost. This cost will not be passed on to you.
  
  
• Where a RICS valuation is used (as above) or at any point you staircase in larger amounts (5% or more with a RICS valuation) this new valuation will become the base valuation, adjusted upwards or downwards using local HPI data for the remaining years.
  
  
• We will not charge a fee for producing a HPI estimated valuation.
  
  
• We will not charge any other administrative fees on the gradual staircasing model.
  You will remain responsible for your own legal fees if you choose to get legal advice/ representation, as will we.
  
  
• If you are looking to gradual staircase, then we will require you to seek legal advice, as it is a legal transaction.

Please ask us for further details.