There are two types of leasehold property involved in 'Shared Ownership', these are:
These are properties in which Basildon Council still retains an interest in ownership of the property (often 50%).
The lessee has a lease relating to the share which she/he owns.
The lessee pays rent to Basildon Council for the share still owned by the Council.
When the lessee buys the remaining share of the property, the freehold of the property is transferred to the purchaser and Basildon Council ceases to have any interest.
These are flats where the Council owns the freehold of the Estate.
In most cases there is a management company, which looks after the management of the estate.
Where the lessee does not have a 100% interest she/he will have a shared ownership lease, which requires that she/he will pay rent to the Council for the share of the property still owned by the Council. She/He will also pay service charges to the management company.
When the lessee buys the remaining share from the Council, the lessee does not get the freehold (which is retained by the Council) but is entitled to another lease. The Council continues to hold the freehold interest. The lessee will cease to pay shared ownership rent but will continue to pay ground rent and the service charges.
There are some lessees where there is no management company. These are usually leases of maisonettes where there are two in a block (one of the ground and one of the upper floor).
Management companies exist to manage the structure of the buildings and the communal areas as stipulated in the individual leases of flats.
Each lessee of a flat should be a member of the management company relating to his or her estate.
If you feel that there is any malpractice within the management company in carrying out its duties and responsibilities, you should immediately contact the Home Ownership Team, who will investigate your enquiries and respond appropriately.
Shared owners can request a licence to sub-let their property by writing to Basildon Council's legal department at:Legal ServicesBasildon CouncilThe Basildon CentreSt Martin's SquareBasildon, EssexSS14 1DL.
As you are still the legal owner you will still be responsible for paying your monthly rent on the percentage of the property still owned by Basildon Council. So please remember, if you sub-let your property it is vital that we are aware of your new correspondence address.
The Home Ownership Team welcomes applications from shared owners who wish to purchase the remaining percentage of their Basildon Council shared ownership property .
Completed applications should be returned to the Home Ownership Team.
£25 application fee - In accordance with the requirements of the lease to your shared ownership property, applications must be accompanied by a cheque for £25 made payable to Basildon Council, or if you prefer to pay by Credit Card or Debit Card please phone 01268 533333.
Please note: Applications to buy the remaining percentage of a shared ownership property cannot be accepted if:
Applicants may be eligible for a discount - If you have been the tenant in a Basildon Council shared ownership property for 3 years or more you may be eligible for any available discount. However please be aware that applicants can only benefit from any available discount if their shared ownership property has been their only home during the entire period of shared ownership and has never been sub-let to a tenant.
Shared ownership properties are held on a leasehold basis where the Lessee owns a part share (often via a mortgage) and the remaining share is rented from the local authority.
If the shared owner falls into arrears a procedure will be followed to recover outstanding payments due to Basildon Council.
As stated in your lease, if you wish to sell your property you must first offer Basildon Council first refusal.