The Shared Ownership Code (the Code), is currently being piloted by a number of organisations who offer shared ownership homes with the aim of improving the customer experience for shared owners and addressing some of the challenges they face. The Code should standardise the way in which shared ownership is dealt with, regardless of the location or type of property offered and will apply to all stages including the marketing, purchasing and management of homes.  

The Shared Ownership Council (SOC) is the organisation responsible for the introduction of the Code, which was created after a detailed consultation period. During this initial pilot phase it is hoped the Code can be further refined and additional guidance developed. Although the Code is currently aimed at providers of shared ownership homes, there will be further codes published which will apply to lenders and mortgage intermediaries early this year. The final Code and details of the membership structure are set to be launched in the summer of 2025.  

It should be noted that the Code will be open for organisations to adopt on a voluntary basis. However, given that several providers are taking part in the pilot and many other providers are already gearing up to join, we expect most housing associations will benefit from adopting the code and ensuring they continue to provide customers with the best shared ownership experience possible.  

While the additional guidance and paperwork may initially feel overwhelming, the goal is to make shared ownership more accessible and understandable. The Code has been developed through consultations with a variety of organisations involved in shared ownership, and actual shared owners. Furthermore, with ongoing refinements following the pilot scheme, we believe this initiative will ultimately be a valuable step once its objectives are achieved.

How Capsticks can help 

Capsticks aims to be the firm of choice, offering a full service in social housing law. If you have any queries about what's discussed in this insight and its impact on your organisation, please speak to Nalton Stembari to learn more about how Capsticks can help.