Shared Ownership FAQ's

Why should I consider Shared Ownership?

Shared Ownership is an alternative route to Home Ownership for people who are unable to purchase on the open market. Due to lower deposits and smaller mortgage, it can be a more affordable option when stepping onto the property ladder. 

 

What is Staircasing? 

‘Staircasing' is the process of purchasing further shares in your property, this then reduces the monthly rental amount to your landlord. In most cases, you can staircase to 100% ownership. When you decide to 'Staircase' the cost of additional shares will be calculated by the current market value of your home.

 

Am I responsible for repairs? 

As a shared owner, you will be fully responsible for all repairs and maintenance. However, if you have a new model lease you will receive a repairs allowance for the first 10 years following completion. Further information on this can be found here. 

 

Can I sell my property? 

Yes, you own your share so it’s yours to sell whenever you want. You’ll essentially be selling your share to another shared ownership buyer. If you’ve staircased all the way to 100% you can sell your property on the open market.