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Shared Ownership – What’s the catch?

Posted 16 November 2021

The benefits of shared ownership are plentiful and naturally, attractive to a whole range of people at different stages of life. However, this might leave you thinking, ‘What’s the catch?’. Many of the misconceptions that transpire from shared ownership can put you off properly considering it as an option within the property ladder, so this guide will put to rest any worries you may have before progressing. 

Can you completely own a Shared Ownership Property?

The short answer here is yes. The beauty of shared ownership is that in your own time you can control the stake you have in the property, and in most cases increase this all the way to 100%. You may still have some grounds and service charges at this point, but we cover these details in our shared ownership guide.

Mortgage payments and rent – is it expensive?

Costs of renting a property can be particularly expensive, with no ownership to show at the end. With shared ownership, you often pay less than you would if you were to rent, and in time you will most likely have the chance to own the property outright.

The process of staircasing (increasing your percentage share), means that as your mortgage payments increase, the rent fee will decrease.

If I don’t completely own the property, am I allowed to decorate?

One of the best things about home ownership is making a house a home. Whilst you will need permission to make any structural changes to the property, you’re free to decorate to your hearts content. Just remember, blue and green should never be seen!



I’ve bought a property in the past, am I still eligible?

If you don’t currently own another property, or you’re in the process of selling your property, you will still be eligible for shared ownership.

Generally speaking, shared ownership is available to anyone over the age of 18, as long you meet the criteria. While it’s most attractive to first time buyers, it’s also a great option for downsizers and pensioners.

Can you move from one shared ownership to another?

Absolutely. Most things in life are unpredictable and may leave you wanting to downsize or even needing a playroom! It’s worth noting that the process of moving from one shared ownership home to another can have its complexities - more often than not, owners will have to vacate the current property before completion of their new home. It’s important you contact your housing provider as soon as possible and seek financial advice before taking the next steps. 

We’re a growing family, 2 bedrooms just isn't enough

Many shared ownership properties are the ideal place for growing families to call home. Recently, Viaduct Housing Partnership has been able to advertise two, three and four bedroom homes under shared ownership - giving you that peace of mind when you start looking. 

Can you sell the property if you don’t own 100%?

As a percentage of your home still sits with the housing association, it’s at their discretion to take up the specified nomination period and advertise the property to people on their waiting list. You will only be able to advertise the property yourself if they aren’t able to sell it within the outlined period in your lease. Once the sale has gone through, you will receive your stake in the house based on its valuation at the time.

Still unsure?

Our friendly team are on hand to help you through your journey. For any questions, advice and support regarding leasehold properties: leasehold@stockporthomes.org.

To learn about available and upcoming properties, contact our friendly sales team by calling 0161 218 1303 or email sales@viaducthousing.com

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Page last reviewed 17/11/2021