20 years on!
When Shared owners buy a share of a property from us they sign what is called an Occupancy Agreement.
This Agreement lasts for a period of 20 years and then it comes to an end. When the Agreement expires shared owners will have 3 options:
- To either buy the property outright or -
- Give the Association written notice of your intention to leave the property once we have found someone to buy the share from the existing shared owner, or
- Enter into another Occupancy Agreement for a further 20 years
Up until recently, there has been a lot of uncertainty about what happens with shared owner Occupancy Agreements once the initial 20 years expires and this understandably has caused people concern.
We can confirm the Association has agreed to offer its existing shared owners a further
Occupancy Agreement with us please contact our Housing Management Team.