Your shared ownership lease information

Please note that the information on this page only applies to shared ownership homes at Royal Manor, Portland and Corallian Heights, Sturminster Newton.

All the information regarding your lease on Magna's website is a general summary. It's important to carefully review all the key information documents and your dedicated lease which would have been provided by your solicitor when you purchased your home.

Shared ownership has helped lots of people get on the property ladder. The new model shared ownership lease has five key modifications which separate it from the previous leases with the aim of helping more people get on the property ladder:

• Reducing the minimum initial share a customer can purchase in a new shared ownership home from 25% to 10%
• Introducing a 10-year repair warranty period during which Magna will be responsible for the cost of specific repairs to the building / structure and the shared owner will receive up to £500 per annum for the repair or replacement of faulty installations for plumbing, heating, or electrics
• Implementing a new staircasing model, allowing shared owners to acquire additional shares in their home in smaller instalments; either in tranches of 5% (previously 10%) and / or for the first 15 years of their ownership at 1% per year
• Reducing the nomination period to four weeks (the time a landlord is granted sole rights to market and find a buyer for the home), providing shared owners with more control when selling their home
• Each shared ownership home will be provided with a 990 year lease

We've included some links below to pages with more information on how you can buy more shares in your home and how you can claim from us for external and structural repairs to your home.