What is Shared Ownership?

For many, shared ownership is the ideal alternative to purchasing a home on the open market because of its affordability and flexibility. The scheme is designed to help people get on the housing ladder by purchasing a percentage of a property, between 10% - 75%, giving you breathing room to buy as much of the home as you can afford and pay rent on the remaining percentage of the property you do not own.

Another appeal of Shared Ownership is that in most cases you will only need a 5% deposit. This is based on the percentage share you are buying and not the full property value, making it even more affordable. When the time is right you can purchase more of the property, often staircasing to 100% and acquiring the freehold to your home. If you are a shared owner of a flat or apartment, you will become a long-term leaseholder.

Our ‘Accessing Shared Ownership Policy’ contains information on the following:

Eligibility
Affordability Assessments
First come, first serve process
Minimum Deposit
Cash Buyer
Minimum Surplus Income
Adverse Credit

Please read the policy before applying for a shared ownership home. You can also find more information on the shared ownership product and how to apply in the key information documents below:

Old Model Lease - Key Information Document

New Model Lease - Key Information Document

Shared Ownership Guidance on How to Apply

Please contact a member of the sales team to confirm which lease applies to the property you’re interested in. Details of costs, including rent and service charges for each home are included in the advert and can also be provided in accessible formats on request, please speak to a member of our team for assistance.

Am I eligible for shared ownership?

If you do not currently own another property, or you are in the process of selling your property, you will be eligible for Shared Ownership. Shared ownership is available to anyone over the age of 18, as long you meet the criteria You can find more information on the details of the criteria for shared ownership here. While it is most attractive to first time buyers, it is also a great option for downsizers and growing families.

Can you completely own a Shared Ownership Property?

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.

What is Staircasing?

Staircasing is the process that allows you to buy more shares in your home, owning a greater proportion of it each time you staircase. The more shares you own, the less rent you pay.

Guide to staircasing

Can you move from one shared ownership to another?

Yes, moving from one shared ownership home to another is increasingly popular. Most things in life are unpredictable and may leave you wanting to downsize or even needing a playroom! It is worth noting that the process of moving from one shared ownership home to another can have its complexities. Often, owners will have to vacate the current property before completion of their new home. It is important you contact your housing provider as soon as possible and seek financial advice before taking the next steps.

Is Shared Ownership suitable for growing families?

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 through Shared Ownership - giving you that peace of mind when you start looking.

Can you decorate if you do not own 100% of the property?

One of the best things about becoming homeowners is putting your own stamp on the property. Whilst you will need permission to make any structural changes, you are free to decorate to your hearts content.

Can you sell the property if you do not own it outright?

As a percentage of your home still sits with the housing association, it is 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 are not 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.

Selling your Shared Ownership Guide