Shared Ownership

The Facts


The Facts

Can I have a pet in my new home?

If you wish to have a furry friend live with you in your property, you will need to contact our homeowners’ team to request consent. We will never unreasonably withhold consent; however, the final decision will be based on whether there are any special clauses within your lease that prevent owners from keeping pets in their homes.

Can I make alterations to my home?

As a shared owner you can paint, decorate, change flooring, add or remove kitchen or bathroom tiles, and landscape your garden without having to notify Curo. If you wish to make alterations on a larger scale you will need to apply for consent from our homeowners’ team. Ultimately, we want you to have the opportunity to make your house a home so consent will not be unreasonably withheld, but first and foremost we need to make sure that your home improvements don’t conflict with any restrictions within your lease or set by your local authority, and that your NHBC warranty and/or home insurance will not be affected.

What is the difference between
a defect warranty and
an NHBC warranty?

Your defect warranty covers any defects (e.g. breaks or leaks) that are not caused by general wear and tear or maintenance issues. This defect warranty begins from the day that the house-builder hands over the property to Curo, and usually lasts for 12 months. After this 12-month period, you are then covered by your NHBC warranty which provides insurance in the event of major structural damage, defective waterproofing or drainage. Your NHBC warranty is valid for 10 years from the day the builder hands the property over to Curo.

Do I have to staircase if I don’t want to?

In short - no! We recommend that it is within your interest to purchase more shares when the time is right for you but you have no obligation to do so. If or when you decide you would like to, we will be on hand to guide you through the process.

How is my rent increase calculated?

Your rent will increase each year in line with the increase in the RPI plus 0.5%. The RPI or retail price index is a measure of inflation published by the office for national statistics. In short your rent is increased in line with the inflation of the pound, plus an extra 0.5% of your current rent. We know this can sounds like a minefield and leave you wondering what this will mean for you.

As an example, if the rate of inflation next year is 1.9% (this is the 10 year average but can differ each year) your increased rent calculation would look like this based on a monthly rent of £200:

1.9% of £200 - £3.80
0.5% of £200 - £1.00
Total rent increase: £4.80
New monthly rent amount: £204.80

How are service charges calculated?

The service charge you pay is estimated by Curo or an external management company for the upcoming year. At the end of that year Curo or the management company calculate what was actually spent on maintenance and repairs. If the true cost was lower than what was paid in service charges, Curo deduct the sum overpaid from the service charge for the next year. If the true cost was higher than what was paid in service charges, the service charge for the following year will be increased by sum underpaid.

How are sinking funds calculated?

Sinking funds are only relevant to blocks of flats and some flats over garages (FOGs). Curo or an external management company calculate the expected costs for repairs and maintenance to the block for a 60-year period. These costs and any work needed or carried out are reviewed either every 5 years or whenever works are required. As a sinking fund is based on an estimate the cost can be higher or lower than estimated.

Will I have to pay stamp duty?

If you are a first time buyer, you will not have to pay stamp duty (as long as your property is worth less than £300,000) If you have owned your own home before then you will have to pay stamp duty if your purchase price is more than £125,000.

You can elect to pay stamp duty for the full market value of your property up front or you can just pay the stamp duty for the share you are purchasing. This will mean you will need to pay the additional stamp duty if/when you staircase in the future. Please note, we recommend you take your own legal advice and use the above for reference only.

When should I hand in notice
on my tenancy?

It is important that you do not end your current rental tenancy until advised to do so by your solicitor. Whilst Curo are not responsible for deciding when you hand in your notice, we advise that it is better to have a slight overlap and still pay your rent on your current tenancy after moving into a new property, rather than risk having no home at all for a couple of weeks.

What happens when I complete
on my purchase?

On your agreed completion day, as soon as Curo are informed by our solicitors that we have legally completed you can collect your keys from the property. We cannot anticipate what time this will happen but of course we will do what we can to welcome you into your new home as soon as possible. We do ask that you wait for our call for this.