Shared Ownership Success Stories: Real Experiences, Real Insights
Embarking on the journey to homeownership is a significant milestone, and shared ownership offers an accessible pathway for many aspiring homeowners. This scheme allows you to purchase a portion of a property—typically between 10% and 75%—and pay a reduced rent on the remaining share, making homeownership more attainable.
Shared ownership is becoming an increasingly popular choice. In the 2023-24 period, 18,324 initial shared ownership sales were completed in England, with an estimated 76% of these purchases made by first-time buyers.
| As a first time buyer, I found the process really relaxed and I didn’t feel stressed because it felt like we were in the right hands. ~ Homebuyer |
Understanding the Shared Ownership Process
The shared ownership process is designed to be straightforward and supportive. Here’s a simplified overview:
- Explore Available Properties: Begin by browsing the selection of shared ownership homes in your desired area.
- Assess Your Eligibility: Ensure you meet the necessary criteria, such as income thresholds and first-time buyer status.
- Arrange Financing: Determine your budget and secure a mortgage for your share of the property.
- Reserve Your Home: Once you’ve found the perfect property, you can reserve it, often by paying a reservation fee.
- Complete the Purchase: Work with solicitors and mortgage advisors to finalize the purchase and move into your new home.
Support Every Step of the Way
We understand that purchasing a home can be daunting. That’s why our team is dedicated to guiding you through each stage of the process, ensuring you feel confident and supported.
| The sales handler went above and beyond. She phoned me morning and afternoon and went back and forth between solicitors and sent emails. She made sure to get the transfer put through in time, when the timescale was very tight. She was excellent and I wouldn’t fault her with anything. ~ LLH Homeowner |
The Benefits of Shared Ownership
Shared ownership offers numerous advantages:
- Lower Initial Costs: Purchase a share of the property, reducing the deposit and mortgage requirements.
- Opportunity to Increase Ownership: Over time, you can buy additional shares in the property, a process known as “staircasing,” potentially up to full ownership.
- Affordable Living: Enjoy the benefits of homeownership with monthly payments often lower than private renting.
| I recently purchased a shared ownership property, and I wanted to take this opportunity to say thank you so much. The entire process was so smooth ~ LLH Homeowner |
Aftercare and Ongoing Support
Moving into your new home is just the beginning, and we’re committed to ensuring you have the best possible experience after purchase.
- Defect Period: All new-build shared ownership homes come with a defect period, during which the developer is responsible for fixing any defects or issues that arise. Our team is on hand to help coordinate these repairs and ensure they are resolved quickly.
- Customer Support: Our dedicated support team is available to assist with any queries you may have, from maintenance concerns to advice on staircasing and homeownership responsibilities.
- Future Guidance: As you settle in, we’ll be here to provide guidance on managing your property, understanding service charges, and planning for future ownership steps.
| I wanted to take a moment to express my sincere gratitude for all the support you’ve provided me over the past two years. Throughout my journey with several repairs—some major, others minor, and one still outstanding—I truly appreciate how helpful and compassionate you’ve been. Your consistent communication made a world of difference, ensuring that all repairs were booked with the developer and keeping me updated every step of the way. The aftercare you both provided has played an essential role in making [our house] feel like home for me. I can’t thank you enough for your hard work and dedication. ~ LLH Homeowner |
If something isn’t quite right.
We are committed to providing you with an excellent standard of service but acknowledge that things can go wrong. If this happens, we want to put things right as soon as possible. We use your feedback to shape our services and make things better for everyone in the future.
Our teams are always on hand to help you and resolve issues beforehand but you also have the security of our complaints procedure.
| I am very happy with the Town & Country service as the aftercare team always follow up with me whenever I have reported any issues. For example, I have reported a noise issue from the washing machine in the flat above me and the aftercare team is looking into this for me and keeps me informed about what they are doing to address this issue such as looking into insulation/building issues that could help the problem. ~ LLH Homeowner |
Staircasing to 100% ownership
As well as being an accessible way on to the housing market, Shared Ownership also has the additional benefits of:
- Paying less rent: By increasing the percentage of the property that you own, you will pay less rent to us. If you decide staircase to 100% ownership, you will no longer pay the rent. It is important to remember that service charges as well as ground rent (if applicable) will still have to be paid and mortgage repayments also (if any).
- Full benefit from home improvements: Becoming the outright owner allows you to maximise the profit from any major home improvements. Once you own 100% you will get back the full amount of any profit on the current market value when you come to sell your home
- Increase in house prices: If you decide to sell your home, the greater percentage you own, the more profit you will make, if the value of your home has increased.
- More mortgage choices: If you decide to staircase to 100% of your home, more mortgage products become available to you, rather than a shared ownership mortgage. This means that the additional monthly mortgage repayment could be less than the amount of rent you were paying originally,
- Freedom to make alterations: Subject to planning permission/restrictions you will be able to apply to alter your property.
- Renting the property: Only once you have become the 100% owner, and not before. Subletting is not permitted under the shared ownership lease
The process is also very simple. You can see our full staircasing guide here.
| I am writing to express my utmost satisfaction with the exceptional service provided by your sales officer, during my recent staircase purchase. [Their] professionalism, knowledge, and dedication were instrumental in making the process seamless and stress-free. [Their] ability to explain complex information in a clear and understandable manner was truly impressive. [They] went above and beyond to address my questions and concerns, ensuring that I was well-informed at every stage of the transaction. I was particularly impressed by [their] proactive approach and her commitment to finding the best possible solution for my needs. [Their] positive attitude and friendly demeanour made the entire experience enjoyable. I wholeheartedly commend [them] for [their] outstanding work and believe [they are] a valuable asset to your team. ~ LLH Homeowner |
Reselling a property
| Thank you so much for your email and all of your hard work getting this through for us. You have been fantastic and a real credit to this company. Speaking to a real person that has a genuine interest and knowledge has been invaluable. We both thank you, you have been kind, patient and understanding and we wish you all the best. ~ LLH Homeowner |
Take the Next Step
Your dream of homeownership is within reach. Explore our available shared ownership properties and begin your journey today. Remember, our dedicated team is here to support you every step of the way.
| Loving the house since we’ve moved, best thing we ever did! ~ LLH Homeowner |
For more detailed information on the reservation process, please visit our Reserve a Plot page.