Shared Ownership is an accessible, ideal way for first-time buyers to get on the property ladder. It allows anybody who meets the eligibility criteria to browse a wide range of Shared Ownership homes and find one that meets their needs. 

But there are a number of Shared Ownership myths floating around, which only serve to confuse the process and lead buyers astray. These include false assumptions on: 

• The cost of rent and mortgages
• Availability of homes
• Who is allowed to buy a Shared Ownership home
• Actual ownership of the property 

We’re here to clear things up. With our comprehensive guide to Shared Ownership myths, you’ll be able to find out: 

• Whether Shared Ownership is truly more expensive than privately renting
• How you can build to 100% ownership of your Shared Ownership home
• How rent is controlled as part of Shared Ownership properties
• And a whole lot more!

The rent and service charges associated with Shared Ownership homes are calculated based on your percentage of ownership – unlike private renting, which is often much harder to quantify. This same approach is taken for your mortgage, which is based on purchasing your share of the home as opposed to the total value of the property. 

As such, a 25% share of a £200,000 property could have a monthly rent of £344. To get a clearer idea of what this could mean for your specific situation, take a look at our Affordability Calculator tool.

A common Shared Ownership myth is that – similar to private renting – you’re unable to carry out modifications or DIY on your home, because it’s owned by another entity. 

The reality is that you can modify the inside of your new Shared Ownership home however you wish. This includes: 

• Furniture to fit your unique aesthetic
• New wallpaper to brighten up your rooms
• Painted walls to make a statement

The only instance in which you’d need to obtain permission from your property manager (such as Legal & General Affordable Homes) is if your home improvements affect the structure of the house. This includes fitting a new kitchen or bathroom. 

Rent is controlled on Shared Ownership properties to make this option as accessible and affordable as possible. For most of our properties, rent is calculated at 2.75% of the unsold equity on your home – the portion of the property that you don’t yet own. 

However, the exact rent for properties will be established with you as part of your viewing process. This eliminates any uncertainty, and lets you begin planning for an exciting future in your new home. 

When first-time Shared Ownership buyers, growing families or individuals initially sign on their Shared Ownership home, they typically purchase between a 25% and 75% share in the property. This means that they’ll own that portion of the home, and a provider such as Legal & General Affordable Homes will own the remaining amount. 

However, this isn’t the final step in the process. If you decide that you can afford to purchase a larger share in the home, you can do so through ‘staircasing’. This allows owners to incrementally increase their share, until they reach 100% and own the property outright. 

For first-time buyers, this myth is an especially troubling one. What’s the point in getting on the property ladder if you can’t sell up and move on to a new home a few years down the line? 

Thankfully, it isn’t true. While selling a Shared Ownership home isn’t exactly the same as selling a regular home on the open market, it’s still a straightforward process that allows you to sell your share to other buyers looking to enjoy the benefits of Shared Ownership. 

Many housing associations will have a nomination period (typically 8-12 weeks) in which they can find a buyer from their waiting list. After this, you can try to sell your share independently. To learn more, check out our blog on selling your Shared Ownership home.

It’s true that we have a number of Shared Ownership properties available in the London area, including East London, White City, and Brentford.

But if you’re looking for a new home outside of London, you’ll find beautiful Shared Ownership homes up and down the entire UK – ready to move in to as soon as you’re ready! 

To discover your new Shared Ownership home today, make sure to check out our extensive properties page for all listings.

Shared Ownership is becoming an increasingly popular method for home ownership, which means there’s a continuous rise in the variety and availability of Shared Ownership homes. 

As a result, you’ll be able to find everything from one or two bedroom apartments, to three or four bedroom family homes in a development near to you. 

And we’re constantly offering new developments for Shared Ownership, which means that you’ll definitely find the right location for you to move into as soon as possible. 

While it’s true that Shared Ownership is an ideal way for first-time buyers to get onto the property ladder, this doesn’t mean that the model is exclusively available for this kind of individual. 

If you’re considering Shared Ownership and meet the eligibility criteria, then you can buy one of our homes – it’s that simple. The criteria includes: 

• You must be at least 18 years of age
• You must earn a maximum of £80,000 (or £90,000 if you live in London)
• You must not be able to afford a home on the open market, or be in the process of selling your existing home

For older buyers interested in Shared Ownership, make sure to check out our page all about the accessibility of Shared Ownership – no matter your age. 

Ready to learn more about Shared Ownership? 

If we’ve cleared up any confusion that you might have had around Shared Ownership, and you’re ready to take the next step towards home ownership, then get started with our comprehensive guide. Take a look at our available properties, or speak to a member of our friendly team to learn more.