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.



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