Shared Ownership may be the ideal way for you to get on the ladder, but before you commit to anything, you should fully understand how it works. These frequently asked questions may be a good start.
Does Shared Ownership mean I have to share my home with a stranger?
If you decide to buy through the Shared Ownership scheme, you don’t have to live with a stranger – the term simply means that you’re sharing ownership of the property with a housing association.
Can I have pets?
This will vary from development to development and any restrictions to keeping a pet in your home will be outlined in the terms of your lease. Customers must make the housing association aware of any pets that will be living in the property, to make sure they are accepted as part of the guidelines.
Am I allowed to decorate my Shared Ownership home?
You are free to decorate your Shared Ownership home as you wish. However there may be restrictions on major alterations or structural changes, so speak to your housing association before taking on any large home improvement projects such as fitting a new kitchen.
What are my responsibilities as a shared owner?
Your core responsibilities are to pay your rent, mortgage and service charges on time, to take care of the property and, if you want ot make any non-cosmetic changes to the property, to get permission from the housing association first.
Are there any additional Shared Ownership costs?
This can vary so you need to check before you buy. There may be separate charges to cover the cost of communal services, buildings insurance and management of your lease. As a rule, there will be monthly service charges to pay when buying a Shared Ownership house or flat.
Who insures the property?
The housing association will provide buildings insurance cover and will recover the cost of this from the shared owner through service charges. The shared owner is responsible for arranging their own contents insurance.
Can I take a lodger or sublet my Shared Ownership property?
Most Shared Ownership leases do not allow you to sublet your home. However, lodgers are often allowed, as long as you get permission from your housing association.
