Shared ownership – new lease, same approach

Shared owners across the UK have faced high home maintenance costs due to the rising cost of living and repair responsibilities detailed in their leases. However, the introduction of the new shared ownership model lease has marked a positive shift.

The new model allows shared owners to now claim up to £500 annually towards the cost of non-structural repairs and maintenance – a huge financial benefit.

This change addresses the negative perceptions shared ownership has experienced over the years, particularly due to the cost of maintaining a home that ‘isn’t all yours’. This trend stems from a lack of education with shared owners during their purchasing journey, leading many customers to feel misinformed about their repair responsibilities.

With the launch of the new model and increased professionalisation of the sector, shared ownership is much more accessible and publicised than ever before. It’s our job to ensure new shared owners, whether on the old model or the new, fully understand their responsibilities and the product. At Redwing we know how crucial this is, as proper education about shared ownership’s benefits ensures it is an affordable and accessible route to home ownership – just as it was intended to be!

With satisfaction expected to rise for buyers on the new model due to the financial benefits, how can registered providers, leasehold teams, and sales professionals ensure satisfaction for the old model lease shared owners too? While we can’t change the benefits to the old lease, there are steps we can take to ensure we continue to deliver an outstanding service, manage expectations and retain satisfaction.

Education

Working in sales and homeownership for over 10 years, I have experienced countless enquiries from shared owners attempting to raise repairs not covered within their lease. This demonstrates a lack in education during the purchasing process, leading to confusion, dissatisfaction and reduced trust with shared owners. It’s crucial to provide your customers with the right information at the right time, as it’s a lot to take in. Providing FAQ documents and checklists are really beneficial to the process, ensuring everyone is on the same page and understands what is expected of them and when. This education will reduce the number of repairs being reported and result in a higher satisfaction among your shared owners.

Communication

Clear, proactive, and consistent communication is key. Keep buyers fully informed throughout the process, whether it’s via phone or email. Confirm the best form of contact and maintain regular communication.

The process can be long and buyers are learning a lot along the way, so it’s essential for us, as the agent, to lead on communication so buyers feel assured their purchase is in good hands.

Retain your resales or use a reputable agent

At Redwing, we market and progress our own shared ownership resales to ensure a smooth handover with our new residents. This is the best time to ensure your new resident is fully informed. However, if managed by a third-party estate agent, it can result in misinformation and dissatisfaction further down the line due to lack of knowledge and expertise. Using an agent experienced in shared ownership resales is crucial to provide the best possible service to your customers.

Read our top five tips to successfully managing your shared ownership resales

At Redwing, we are finding it’s small changes to our current processes that are making a bigger difference. We can’t change the product for our old shared owners, but we can change the way communicate with our residents.

So, by applying these three steps, we as a sector can ensure shared ownership remains as an affordable and attractive homeownership option.