Who exactly is a leaseholder or a shared owner?
To be classed as a ‘leaseholder’ or a ‘shared owner’ you have to financially own part (or occasionally all) of your home. People who own or have a mortgage on a percentage of their property, and rent the remaining percentage from us (or someone else) – are often classed as ‘shared owners’ or ‘leaseholders’.
- You are a leaseholder if you live in a block of flats and you own / have a mortgage on 100% of your property
- You are a shared owner if you live in a property where you own or have a mortgage on a percentage of your property – but you pay rent to us (or a different housing provider) for the remaining percentage
Where we have leasehold properties
We have leasehold properties in Sheffield and the surrounding areas – Barnsley, Chesterfield and Rotherham, but we also have properties as far away as Selby, Wakefield and Glossop.
To be eligible to be a leaseholder you must not own another property, and the total household income must be below £60,000 per year.
As your landlord, we have nomination rights over your property – this means that if you decide to sell your home you will need to speak to us first, as we need to approve the sale and make sure the new homeowners are eligible to be a leaseholder with SYHA.
Staircasing is a term which basically means buying a bit more of your home – a little bit at a time. If you are a shared owner you can often staircase – increasing the amount of property you own – and in some cases you will be able to buy 100% of your property.
As a leaseholder you will probably be responsible for the majority of repairs to your property. Your personalised lease details will clearly outline both your obligations but also our obligations to you.
In the cases where we are a freeholder– we are responsible for arranging your building insurance, however we may charge you for this through your service charge payments.
Both leaseholders and residents can have a service charge applied to their property. We have both fixed and variable service charges. If you are a leaseholder you will pay a variable service charge. If you are a resident you could pay a variable or fixed service charge. Although not an exhaustive list, typical items that are included in a service charge are:
- Communal gardens
- Buildings insurance
- Communal lighting
- Communal cleaning
- Audit Fees
- Admin/Management charges
Get in touch
If you’d like to find out more, just get in touch using the details below:
- Email us at firstname.lastname@example.org
- Call us on 0114 2702 538