As you may have heard, Shared Ownership is a Government-backed scheme which enables first-time buyers – or those who do not currently own a property – to purchase a home at an affordable price.
The popular process works by allowing you to buy a share of a property. This is often referred to as the ‘share value’. The share value is typically between 25% and 75% of the purchase price and represents how much of the property you own.
A subsidised rent is then paid on the remaining share which is not owned by yourself. This part-buy, part-rent process can often work out cheaper than renting and is a great option for those who want to get on, or climb, the property ladder.
So, What’s the Deal with Decorating?
Let’s set the record straight – you own your Shared Ownership home. Whether you have a 25% or 75% property share, it’s now your property to decorate as you wish. But what exactly does that mean?
Well, lucky for you, gone are the days of renting. So, you’re welcome to:
Whilst the above list isn’t exhaustive, it gives you a sense of what you’re entitled to change. Naturally, the rules differ depending on your lease and the property type. Keep reading…
What Can’t I Change?
Although you own your Shared Ownership home, until it’s bought outright there are restrictions on major alternations to the property. Say, for example, you want to make structural changes, you would need written permission in order to this. However, you should not be withheld permission unreasonably.
Structural changes would include, but are not limited to: changing windows, flooring, altering the layout of a home and extending the property.
When buying your Shared Ownership home, it’s important to check the lease and discuss any queries you may have with your solicitor.
Want to get on the property ladder with Shared Ownership?
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