FAQs

Will I always pay rent?

You will pay rent until you own 100% of the property. If you own 100% no rent will be paid. Other charges may still apply.

Who do I contact if there is an issue after I move in?

Please email info@stormhousinggroup.com or alternatively you can call 0121 405 0900.

When do I pay my rent?

Rent is paid via monthly direct debit.

What are my responsibilities?

Please click here to view your responsibilities.

What is a managing agent?

Your managing agent is there to help with collecting your rent on behalf of Storm. They will also be able to assist with any questions you may have about your property and lease, buying more shares or moving out of the property.

What happens once I move in?

After you move in, a member of the Storm team will be in touch with a new home welcome pack. Your pack will let you know who your managing agent will be.

Am I allowed a pet?

You will need to apply in writing to Storm if you live in an apartment. Storm will then grant permission or request information depending on the superior lease.

What share in the property can I purchase?

Initially, the minimum share you can buy is from 25% and the maximum share you can purchase is 75%. You are then able to buy a larger share up until you fully own your home. Please note, if you buy a home in a Designated Protect Area (DPA) different terms may apply.

Am I allowed to sublet?

You are not allowed to sublet your entire property, however you are allowed to rent out a room.

Am I eligible?

For full eligibility criteria, please click here.

What is a Help to Buy Agent?

A Help to Buy Agent is typically an appointed Registered Provider that helps people looking for shared ownership properties. Register with them and an agent will notify you about all the shared ownership developments available in your chosen location.

Why is my home sold as leasehold?

All shared ownership properties are sold on a leasehold basis. This is because Storm will be your landlord for share you don’t own. If you increase your share to 100%, the freehold will be transferred to you where possible and the shared ownership lease falls away.

What if I want to move house?

It is possible to sell your home, details will be contained within your lease document or contact Storm who will be happy to explain the process.

What happens if I miss a rent payment?

If you miss rent or service payments, Storm will be in contact to arrange payment or a repayment plan.

How do I buy more of my home? ‘Staircasing’

After you complete your initial purchase you can increase your share at any time. This process is known as ‘staircasing’ and will incur addiontal fees such as Valuation and Legal fees etc.

Why does Storm take the building insurance on my property?

This is because your home is sold on a leasehold basis and it is the landlord’s responsibility to insure the building. This is recharged back annually to the buyer.

Are there service charges or an estate fee?

Storm does not charge an estate fee or service charge. If you are buying a property which has a service charge or estate fee this will be payable directly to them.

Are there any upfront costs?

A reservation fee will be required to secure your home. The sales team at your development will be able to give more information on the reservation fee and when it needs to be paid.

Do I pay Stamp Duty Land TAX (SDLT) on a Home Reach property?

When you purchase a shared ownership property, SDLT is only payable on the price of your share. Stamp Duty is to be abolished for all First Time Buyers purchasing a shared ownership property, valued up to £500,000. You should seek further legal advice for details and your independent financial advisor / solicitor will be able to give you more information.

How much will the monthly costs be?

Monthly costs will include your household bills, your mortgage payments on the share you own (if you have one) and monthly rent on the unpurchased share. Rent starts at 2.75% per annum (on the value of the share you do not own) Rent will increase each year with inflation (RPI) + 0.5%. There is also a lease management fee payable, your solicitors will be able to outline the exact costs specific to your home.

Do Storm charge a lease management fee?

Storm collect an annual fee for the management of your lease, paid monthly along with your rent via direct debit.