Does Shared Ownership Mean Sharing Your Home?
When people first hear about Shared Ownership, they often assume it means sharing their living space with others. This is a common misconception that can make the scheme seem off-putting for those unfamiliar with it. But rest assured, this couldn’t be further from the truth!
What is Shared Ownership?
Shared Ownership is a homeownership scheme designed to help people get on the property ladder without needing to buy a home outright. You purchase a share of a property—typically between 10% and 75%—and pay rent on the portion you don’t yet own. Over time, as your finances allow, you can buy additional shares in the property, eventually owning it outright if you wish.
This means that you have the chance to secure a home at a more affordable price while gradually increasing your ownership. If you’re a bit worried about the details, it’s all outlined on our website and explained in more depth by housing providers when you apply.
The Truth: It’s Your Home
Let’s debunk the myth. Even though you might only own a percentage of your property, it’s still completely your home. You won’t be sharing your space with anyone else—Shared Ownership refers to owning part of the equity of the home, not sharing the actual property.
How Does Ownership Work?
Under Shared Ownership, you hold a lease on the property, which means you are the legal owner of your share, with full control over the upkeep, maintenance, and enjoyment of your home. You don’t share it with anyone, even though you pay rent on the unowned portion. Plus, you can “staircase” by purchasing additional shares in the future, increasing your ownership over time.
This structure provides flexibility, allowing you to secure a home and increase ownership when you’re ready financially.
Addressing Common Concerns
We understand that Shared Ownership can raise concerns about privacy, control, and security. Under the scheme, you have rights like most homeowners, however there are some caveats that are set out in your lease. However, as the leaseholder, it’s your responsibility to look after the home, just like with any other property.
One example would be that as a homeowner you have the freedom to decorate however you like. Whether you’re dreaming of painting each room a different shade or transforming a wall with your favourite artwork, the creative choices are all yours. We would highly recommend awaiting until after your defect period has expired though, as this allows time for the building to settle and dry properly before decorating.
If you wanted to make any structural changes then you would need permission from the housing association. You require consent that you are adhering to the terms of your Lease. Depending on your request, proposals will also be reviewed by our surveyors so that we can check that the proposed alteration; meets all necessary building regulations; will have no negative effect on the building’s plumbing, drainage and electrical systems etc. (e.g. communal heating); will not negatively affect neighbouring properties in terms of damage, noise or the value of the property.
As the homeowner it will be your responsibility, if applicable, to apply for building regulation certificates.
There are, of course, clauses in your lease to be aware of, such as rules around maintaining the property, but these are there to protect you and your home. The key takeaway? You’re not sharing your living space with anyone else.
Why Choose Shared Ownership?
Shared Ownership is a brilliant option for anyone looking to step onto the property ladder without having to pay full market value upfront. The benefits include:
Debunking the Myth
So, to sum it all up: Shared Ownership does not mean sharing your home with strangers. It’s an affordable and flexible way to get onto the property ladder, helping you own a home while allowing you to live independently.
If you’d like to learn more about how Shared Ownership could work for you, feel free to get in touch—we’re here to help you every step of the way!