31 May 2023
Shared ownership has seen many changes in the past year, with significant impact on aftersales operations. These changes include new lease requirements, key information documents, 1% staircasing, the end of help to buy, and updated advertising standards. Shared ownership providers must continually adapt their technology, processes and training to stay compliant, and provide an efficient service to their customers.
Industry professionals will understand the level of administration involved when processing a shared ownership transaction. To keep up with updated requirements, automation and slick technology are essential to provide an intuitive, customer focussed journey. Transparency of information is also crucial so that incoming leaseholders have full knowledge on the lease they enter into. Key information documents are lengthy and complicated to complete, but with the right technology this information is only a click away.
Homes England updated requirements pose challenges and potential pitfalls for shared ownership providers. For example, the need to gear up for sending all new leaseholders 1% calculations in April, prepare for a four week nomination period and produce key information documents. Implementing these processes require shared ownership providers to get their technology right and ensure their teams are trained and knowledgeable.
SoResi have been offering 1% staircasing for several years and have a lot of experience in navigating the complexities that come along with it. We are currently working with several housing associations and registered providers to support them and assist with property sales. Making use of our technology and experience allows them to focus on other pressing issues.
Shared ownership providers should be thinking about adapting their technology, processes and training to keep up with the sector as it evolves. Technology also has other benefits, as automation of processes can significantly improve efficiency and accuracy. We’ve seen real improvement on the customer journey through the development of our digital portal, and our automated AML and buyer servicing tools. Our emphasis on technology has streamlined the customer experience, offering education, transparency and more importantly, a happy customer.Sarah will be joining us at the AHO conference on 8 June for our panel discussion using tech to smooth the shared ownership journey. Join us to learn more about the technical innovations SoResi have implemented to significantly improve accuracy, efficiency and streamline the customer journey.
Join us at AHO 2023
Hear from Sarah and our line up of sector leading speakers in London on 8 June.
Sarah Ellis
Head of Aftersales at SoResi
I have worked within various property sectors over the last 20 years, from private residential sales, new build, legal progression and shared ownership. I have an all round understanding of challenges faced within different areas of the industry and have used this gained experience to benefit clients and businesses throughout my career.
I joined SoResi following a significant amount of time in private residential sales, I was soon promoted to Agency Sales Manager to continue with our innovation programme with our now award winning Resales team and work with our third party clients. My most recent promotion has led me to the role of Head of Aftersales where I now oversee Resales, Staircasing and Equity Loans.
