What is shared ownership?

Posted: 8th February 2023

What is it?

Shared ownership allows you to purchase a share of a property (meaning you own a percentage) while paying rent on the rest.
 

Who owns the rest?

The remaining percentage of the property is owned by a housing association (in this case, East Midlands Housing) so they own part of it — but you’re living there, you decorate it, and you decide when to sell!

 

What are the benefits?

Buying a percentage means a smaller deposit and a smaller mortgage. It’s a sooner first step on the ladder for lots of people, making it a great option for first time buyers, but you don't have to be a first time buyer to go down this route.

 

What do I have to pay each month?

- Your mortgage (on the percentage of the property you own)

- Your rent (believed to be £250.94 in this case)

- Your service charge (understood to be £25.24)

 

Can I buy more shares?

Yes! Once you have lived there 12 months you will have the option to buy further shares via a process known as ‘staircasing’ – and in most cases can staircase all the way to 100%, if and when you choose to do so, and eventually own the property outright!

 

Do I have to share my home with anyone else?

No! That's not what shared ownership means! The shared part just means that the housing association own a share of your home and so do you.

 

Interested?

Take a look at our property on Emes Road, Wingerworth | S42 now available!

New Homes & Land

Wilkins Vardy has been involved in almost every significant scheme in Chesterfield over the last 10 years. We also have an excellent track record selling new build homes and managing the sales process, from reservation, to choosing finishes, to completion.

Looking to sell your house?

Wilkins Vardy has been helping people move home in and around Chesterfield since 1970. Our decades of experience in all things property and our reputation for professionalism and honesty set us apart.

Our latest properties
Worksop Road, Mastin Moor, Chesterfield

403, Worksop Road,
Mastin Moor

Price £450,000
Quarry Bank Road, Chesterfield

1, Quarry Bank Road,
Spital

Price £240,000
Manor Road, Brimington, Chesterfield

326A, Manor Road,
Brimington

Price £239,950
Haslam Court, Stonegravels, Chesterfield

21, Haslam Court,
Stonegravels

Price £215,000
Richmond Close, Chesterfield

1, Richmond Close,
Walton

Price £239,950
Mill Stream Close, Chesterfield

25, Mill Stream Close,
Chesterfield

Price £325,000
Greenway, Wingerworth, Chesterfield

32, Greenway,
Wingerworth

Price £300,000
Tansley Way, Inkersall, Chesterfield

4, Tansley Way,
Inkersall

Price £200,000
Longedge Lane, Wingerworth, Chesterfield

127A, Longedge Lane,
Wingerworth

Price £525,000

How much is your property worth?