Your responsibilities
As a co-owner, you have the same day-to-day responsibilities as any homeowner - plus a small number of specific things that come with your Co-Ownership agreement.
When you buy through Co-Ownership, you are becoming a homeowner - and that comes with the same responsibilities as owning any home.
Because we co-own the property with you, there are also some specific aspects of your agreement with us to be aware of. This page sets out both clearly.
Your financial responsibilities
Your property responsibilities
Your legal responsibilities
What do I need approval for as a Co-Ownership customer?
Permission to make structural changes
You can decorate, furnish, and make non-structural improvements to your home without needing our permission. However, you must contact Co-Ownership before making any structural changes.
Structural changes include things like building an extension, converting a loft or garage, adding a conservatory, removing internal walls, or building a garage or outbuilding.
These changes affect the structure and value of the property, so we need to review and approve them before work begins. If you've made improvements that add value, we'll take this into account when your property is valued in the future, and you'll benefit from the added value.
Find out more about making home improvements.
Renting out or subletting your home
Your Co-Ownership home must be your main residence. You can have a lodger, but cannot rent out the whole property.
If your circumstances change and you need to move away temporarily, contact us to discuss your situation before making any arrangements.
Adding or removing someone from the property title
If you want to add someone to your property title, such as a new partner or spouse, or remove someone, perhaps after a separation, you must get our approval first.
This involves legal work and may require a new valuation. Contact us to discuss your situation before instructing a solicitor or taking any steps.
What do I agree to as a Co-Ownership customer?
Living in your home as your main residence
Your Co-Ownership home must be your only residence and the place where you live permanently. You cannot treat it as a second home, holiday home, or investment property.
If you're planning to move out for any reason, even temporarily, you must let us know and discuss whether this is permitted under your agreement.
Not using your home for business purposes
You cannot run a business from your Co-Ownership home or use it for commercial purposes. Working from home as an employee or doing occasional freelance work is generally fine, but running a business that involves clients visiting, significant alterations to the property, or activities that could affect neighbours, is not permitted.
Keeping us informed of changes
You're responsible for keeping us informed about any significant changes to your circumstances that might affect your agreement. This includes changes to your income or employment, relationship changes such as separation or a new partner moving in, planning to make structural changes, or experiencing financial difficulties.
Keeping us informed means we can provide any support that might be needed.
Planning ahead
Being a co-owner means thinking ahead about the costs and responsibilities while you own the property, not just when you first buy it.
- We recommend setting aside money each month for repairs and maintenance, even if nothing needs fixing right now. Boilers break, roofs leak, and unexpected costs can crop up at any time.
- Review your insurance annually, making sure your level of cover is adequate and you're getting good value.
- Keep track of your service charges and any planned increases.
- Budget for your annual rent increase, which typically happens in April each year in line with inflation.
Questions about your responsibilities?
Contact us if you're unsure about any of your responsibilities or if your circumstances change in a way that might affect your agreement.
We're here to help you understand what's expected, and support you in meeting your responsibilities as a co-owner.
