Properties sold using the new Shared Ownership model lease benefit from a 10 year internal repairs allowance.
This is to help you with unplanned costs that aren’t covered by any warranties associated with your new home. Any property listed on our website will clearly state if it benefits from this allowance.
Full details of the allowance are explained in your lease, but here’s a summary of how it works:
- You’ll be entitled to be reimbursed up to £500 per year (starting from your Completion Date), for the first ten years of the property’s life
- Any un-claimed allowance each year can be ‘rolled-over’ into the following year; but the maximum you can have in your allowance is £1,000 (ie. The current year’s £500 plus the previous year’s un-claimed £500)
- Sanitation pipes, drainage systems and items like basins, sinks, baths, showers and toilets are covered, but other fixtures, fittings and appliances for making use of the supply of water, gas or electricity are NOT (so NOT your radiators, taps, washing machine, light-fittings or cooker for example)
- The allowance also covers repairs and maintenance for pre-installed appliances that heat your home and heat water in your home
- It DOES NOT cover regular maintenance (e.g. a boiler service)
- It DOES NOT cover deliberate or avoidable damage
- It DOES NOT cover repairs covered by an existing warranty, guarantee or insurance policy (e.g. your boiler’s initial warranty or your NHBC warranty), although the allowance may be used to help with any excess payable