The code, developed by the Shared Ownership Council, follows an 18-month consultation with customers, housing providers, mortgage lenders and sector specialists. A four-month pilot involving eight housing providers – Clarion Housing Group, Heylo, Housing 21, L&Q, LiveWest, Onward, SNG, and Stonewater – helped refine the final version for wider industry rollout.
The Shared Ownership Code aims to ensure transparency, fairness and improved support for shared owners, covering areas such as marketing, purchasing and management of homes.
It introduces requirements including a Service Charge Information Document to be provided alongside the Summary of Costs Key Information Document, a guaranteed 12-month defects period with an ambition to extend to 24 months, and updated lease extension policies.
The code also proposes training plans for staff and procedures to notify shared owners when their lease falls below 90 years, or to provide regular reminders if data is insufficient.
Ann Santry, chair of the Shared Ownership Council, said: “A lot of hard work has gone into developing the code, with support from our funders, our senior advisory group of experts, and those involved in the pilot. We are urging housing providers up and down the country to register to adopt the code so we can improve and future-proof the product for the good of current and future shared owners.”
Paula Higgins, chief executive of The HomeOwners Alliance, added: “If widely adopted, the code has the potential to make a real and lasting difference to both current and future shared owners. I strongly urge all housing associations and other providers to embrace the code and demonstrate their commitment to greater transparency, consistency and fairness in shared ownership.”
The Shared Ownership Council is appointing a code operator to manage the implementation of the code and will provide further guidance and supporting documents on adoption.
