Information for shared owners and leaseholders
In this section we’ve pulled together links to all the main articles and information that you might need if you’re a shared owner or leaseholder.
It includes key topics such as what your lease will cover, what you’re responsible for as a leaseholder and what things are Sovereign’s responsibilities, as well as a glossary of leasehold terms you may come across.
It also explains what you need to know about altering and improving your home, how major works are arranged and paid for, and the rules around subletting your home or extending your lease. There’s also more information about Sovereign’s buildings insurance cover.
If you live in a leasehold flat, you may be interested in our ‘who’s who’ guide to the different roles of those involved in running a block.
There are also articles on EPC or energy performance certificates and about cladding, the external wall system of blocks and EWS1 surveys and forms.
If you’re a shared owner, you can also find out how to buy more shares in your home (also known as staircasing) and how to sell your home (including how to take great photos of it to show it off to potential buyers).
We may offer to repurchase all or some of the shares you own, under very specific circumstances, for example, where your home is at risk of repossession and you have exhausted all personal borrowing options that are available to you, or you are unable to sell your property due to building safety challenges.
To find out more, please contact our Homeownership team.
If you're facing financial difficulties, we would recommend speaking with your lender or a financial advisor for help and advice.
Right to manage
If you’re a leaseholder, the Commonhold and Leasehold Reform Act 2002 gives you the right to take over the management of your property. This is known as the Right to Manage, and is done by leaseholders setting up a Right to Manage (RTM) company.
The RTM company can manage the building directly, or pay a managing agent to do it.
If you want to set up an RTM company, there are some criteria which the RTM company and the building you wish to manage must meet.
- The building must be made up of flats (houses don’t qualify)
- At least two-thirds of the flats in the building must be leasehold – with leases that were for more than 21 years when they were granted
- At least 75% of the building must be residential – for example, if there’s a shop in the building, it can’t take up more than 25% of the total floor area
- The number of members the RTM company has must be equal to at least half the total number of flats in the building.
- It was converted to residential use rather than being a purpose-built block
- It contains at most four flats
- One of the flats is the main home of the freeholder or an adult member of their family
The Leasehold Advisory Service (also known as LEASE) has published guidance on how to set up an RTM company. You can download the guidance from the Leasehold Advisory Service website 
.
Sovereign's responsibilities
Sovereign’s responsible for repairing and maintaining the main structure and outside of your building - plus any shared parts and shared services (such as if you live in a flat).
Your responsibilities as a leaseholder
As a leaseholder, you’re responsible for looking after everything inside your home. Find out more about what this means – including things you need to tell us about or ask permission for.
Living in a new development
From moving in, looking after your new home and reporting emergencies, to learning about defects and lawn care, you'll find lots of useful information to help you settle in quickly and easily.
Major works
Find out how we carry out major works (such as renewing a roof) and recharge leaseholders for their share of the costs through service charges. This page also explains Section 20 consultations.
About your lease
This page explains a bit more about what a lease is and what it covers. But there can be key differences, so it’s important you understand your own lease and the conditions in it.
Extending your lease
More about who has the right to extend their lease, the conditions they must satisfy and some important points to be aware of around getting legal advice, timescales and likely costs.
Buying more shares in your home
If you’d like to buy more of your home (also known as staircasing), we can guide you through the process. This page explains all the main steps involved.
Can I alter or improve my home?
So that we can check any building safety or planning implications, you may need our permission for things like an extension, satellite dish, new heating, electrics, windows or external works.
Selling with the shared ownership scheme
All about the process and conditions and how you can sell your share on the open market if we haven’t found you a buyer within a certain length of time.