Shared Owners

How much can I buy?

The minimum you can buy, or “staircase to”, is 10%. There may be a cap on the shares you can own, which would mean you would be unable to own your home outright; but, if not, you could purchase the full, remaining share of your home, should you wish to.

How much will the share I’m buying cost?

The purchase price of the share you’re buying will vary, depending on its value at the time. For example, if your home is valued at £200,000 and you purchase a further 10%, the purchase price will be 10% of the full value, which is £20,000.

When can I staircase?

Subject to your lease allowing staircasing, it is often done one year on from completing your sale.

Most purchasers chose to staircase, where possible, at the time they look to re-mortgage.

How do I apply?

Please complete this application form. The fee for carrying out a property valuation is a £250 +VAT minimum charge. If greater, actual Eastlight fees incurred will be recharged. When we receive this payment, an independent Royal Institution of Chartered Surveyors (RICS) surveyor will be instructed to carry out the valuation. 

Once the valuation has been received and the share percentage to purchase has been agreed, you will need to advise and instruct your solicitor to deal with the transaction. Additional fees include: 

• Administration Fee - £230 +VAT
• Legal Fees - £375 +VAT minimum charge. If greater, actual Eastlight incurred fees to be recharged.

If I disagree with the valuation, can I appeal?

Yes, you can appeal and obtain a second valuation, at your own cost.

This must be carried out by an approved RICS surveyor. This value will be reviewed by our Leasehold Manager.

Can I purchase the remaining share of my home in one transaction?

Providing there are no restrictions in your lease, yes you can.

Will owning more shares make finding a buyer harder if I decide to sell my share?

No.

Your home will be advertised on the Share to Buy platforms as part of the re-sale process. If a buyer is not found, you have the option to advertise your share on the open market. A buyer can also purchase our share in this initial transaction. This opens up the sale to those also looking for full home ownership.

Why do I pay rent?

Under the terms of the lease, you must pay rent for the share that you don’t own. Rent is reviewed annually, and the lease defines how the rent is increased. This is an upwards-only rent, so the rent will never decrease.

What happens if I do not pay my rent?

Not paying your rent is a serious breach of your lease, which can lead to us taking possession of your home. If you purchased your home with a mortgage, we will contact your lender to request they pay arrears on your behalf, to protect their interest in your home.

It is therefore extremely important that you pay your rent.

I'm an Eastlight shared owner. How much has my rent gone up by in April 2025?

Your rent will change based on your lease agreement with Eastlight.

If your lease agreement states your rent is reviewed in April, you will receive your rent letter with full details of the new rent you should pay from April 2025 either at the beginning of March or by mid-April. 

If your lease agreement states a different month, for instance September, you will receive an update closer to that month.

We understand that rent rises can be hard to manage, especially when the cost-of-living remains high.

Please contact us if you are struggling or worried about how to pay your rent. You can also click here to read our cost-of-living support page for help and advice.

If you are a weekly Shared Ownership customer, you may notice a correction on your account for your rent relating to week 53. You will shortly receive a letter to confirm the details.

Buildings Insurance for Shared Owners, Commercial Shops and Leaseholders

Although Eastlight arranges the insurance on behalf of our customers and their lenders, pays for the policy initially and collects the costs from our customers, Eastlight customers should contact the insurance company directly to make a claim or an enquiry about the cover and type of support available as soon as possible. Any excess contribution or uninsured losses are the responsibility of the customer.

The cover purchased is intended to provide comprehensive cover, with low contributions and high claims assistance available to our customers.

Eastlight monitors the claims performance of our insurers and would like to be informed of any complaints or disputes that customers have about the service. We would also like to be informed of any challenges to any decisions made by our insurance company.

If this applies to you, or if you wish to report positive or negative experiences with the service, please let us know by emailing the Insurance Manager at insurance@eastlighthomes.co.uk 

Find out more about Buildings Insurance, including how to pay, here.