Busting myths about Shared Ownership


17 May 2019

Shared Ownership is a great way to get on the housing ladder. But we find there are lots of misconceptions about what it is and what it means to you as a homeowner.

So we've looked to tackle some of the confusion by addressing some of the most common questions that we  come across.

Watch our video above or check out the questions and answers below for more information.

True or false?

Shared Ownership means buying and sharing a home with other people?


The only person you have to share with is us, but we won’t be moving in!

Shared Ownership is a low-cost way of getting your foot on the property ladder if you can’t afford to buy your own home outright. You buy a share of a property and then ‘rent’ the rest of it from us.

You don’t have to buy or share with anyone else – unless you want to. Up to four people can become joint owners if they are all eligible.

Acquiring a Shared Ownership property is similar to buying a house outright?


There are many similarities. You’ll need to arrange a mortgage to pay for your share and appoint a solicitor or conveyancer to undertake the legal work.

You’ll also need to pay a deposit for your share, which can range from between 5 and 15 per cent. You may also be required to pay Stamp Duty.

You can’t own a Shared Ownership home outright?


Although you may start with a share of anything from 25 per cent, you can buy more until you own the whole thing.  


Shared Ownership is only for people who have lived in council housing?


Shared Ownership is for anyone who can’t afford to buy a home on the open market.

However, priority is usually given to existing local authority tenants, housing association tenants and serving military personnel.  

Some local authorities may also stipulate that purchasers must currently live in the area.

You must ask our permission before you decorate your home?


We know how important it is to make a house feel like a home and so we encourage you to paint the walls whatever colour you want, and hang your favourite pictures.

But we do ask for written consent if you want to do any structural alterations like adding in walls or ripping out the bathroom.

Want to find out more about Shared Ownership?

We have lots more information available on our website.

About Shared Ownership

Shared ownership success stories:

Jon & Mollie's story: Shared Ownership turns home dream into a reality

image: Jon and Mollie in the kitchen of their new home“My family visited and couldn’t believe how nice it was. For a first house it doesn’t get much better than this!"

We looked around for ten seconds and said ‘can we have it!’.”

“If you’re looking at taking the first step on the property ladder and haven’t got a huge deposit or can’t afford the full amount then I’d say this is the best option for you”

Read Jon & Mollie's story