Leaseholders, shared owners and homeowners

Homeowners are residents who own part or all of a Magna Housing home. This includes people who've bought a shared ownership home and leaseholders who've bought their home through the right to buy or right to acquire schemes.

Magna has a dedicated homeownership team who are available to help.

I'm struggling to pay, what can I do?

Don't bury your head in the sand. The earlier you get help, the more options you'll have to avoid losing your home.

What are my responsibilities as a shared owner or leaseholder?

Charges, rents & sinking funds for homeowners

As a homeowner, you will pay a ground rent and a specified rent. If we provide you with services that you share with more than one property, a service charge will also apply. The payment of rent and any service charges is covered in your lease. You may also contribute towards a sinking fund if any common parts will require replacement over time.

How will Magna consult with me?

We will consult with leaseholders about any policies which have a direct impact on them, services provided or proposed changes to services provided and major maintenance and improvement works that we plan to undertake.

How do I extend my lease?

If you are a shared owner or leaseholder you will have a lease for your property. A lease is a contract that allows you to use a property for a specified term, normally 99 or 125 years. The original lease term will decrease over time and as the term gets shorter you may be in a position where you will need to increase the length of the term of the lease.

The Right to Manage

As a leaseholder, you may have the right to manage the freehold of your home. This means that you are able, should you wish, to make your own decisions about the upkeep of common areas in and around your home. This is a relatively new right, that can be found in Part 2 of the Leasehold and Commonhold Reform Act 2002.

How to buy more shares in my home

'Staircasing' is the term that refers to increasing your share in the property you own.

Your shared ownership lease information

Find more information about your lease if you live at Royal Manor, Portland or Corallian Heights, Sturminster Newton.

How to sell my home

If you're a shared owner, you can sell your home at any time. Find out how.

Homeowners handbook

Your home owners handbook contains useful information regarding your home and responsibilities.

Our legal fees

Learn more about the various legal fees we charge for things like leasehold enquiries and compliance certificates.