Who pays for maintenance?

Some costs you pay 100% and some you share with the funding partners.

Costs you pay 100%

Day to day maintenance

This covers general wear and tear like changing the carpets, and aesthetic changes like buying a new sofa.

Any service charges or ground rent

For leasehold properties, you would be responsible for paying any service charges or ground rent. Service charges are charges for looking after the common areas of the building such as landings, stairs, outside grounds etc. Ground rent is the rent that’s paid to the owner of the land/building.

If any part of the service charge relates to major works like re painting the outside of the building, it would be classified as exceptional maintenance where you only pay your share and the funding partners pay the rest.

Costs you share with the funding partners

Building’s insurance policy

Every homeowner should get building's insurance to protect themselves. An example of something covered by building’s insurance is accidental flooding from leaving the taps running. You split this cost with the funding partners based on how much of the home you own.

Building’s insurance policy cost (per month)	Your ownership percentage	You only pay (per month)
£25	5%	£1.25

Emergency home care plan

This isn’t something every homeowner gets but if you buy a home with Wayhome, it’s required. We want you to be protected and not left in trouble when things go wrong. An example of emergency maintenance is fixing the boiler. You split this cost with the funding partners based on how much of the home you own.

Emergency home care plan cost (per month)	Your ownership percentage	You only pay (per month)
£33	5%	£1.65

Exceptional maintenance

An example of exceptional maintenance is replacing the boiler when it can’t be repaired. The types of homes we buy make this kind of maintenance rare. But, if something terrible does happen, you split the costs fairly with the funding partners according to how much of the home you own.

New boiler	Your ownership percentage	You only pay
£2,000	5%	£100

If your home is a leasehold property

A leasehold property is usually a flat in a block of flats.

We typically only show you homes where the lease is over 100 years. But, as a lease gets shorter, the value of your home can decline.

The funding partners want to protect the value of the property and so we can't let leases dip below 90 years.

If the lease approaches 90 years, we’ll help you and the funding partners extend it.

Price to extend the lease	Your ownership percentage	You only pay
£7,500	5%	£375

Remember, if you buy more of your home and your ownership increases, your share of the costs will also increase.

Lastly, all maintenance costs always go to the maintenance provider, and not to us. We don’t charge you anything for maintaining your home.