Shared ownership could be your way of getting onto the housing ladder. Here we bust the most common myths for those considering or already living in a shared ownership home.
In most shared ownership houses you can keep pet, but permission would be required in apartments or communal living spaces.
The shared ownership scheme is there to help people onto the property ladder and you cannot use the property as a way to generate income. Sometimes we can consider exceptional circumstances, but permission would need to be given.
It’s your home and you can decorate it how you wish. However we do ask that if you’re planning on making structural changes or updating a kitchen or bathroom that you make sure you get permission first. Decorating and upgrading can have a positive effect on the value, so remember to keep any receipts for major works.
You can, as long as any restrictive covenants on new build sites are obeyed.
You can start buying more shares as soon as you can afford to, and there is no fixed time limit on how long it should take you to staircase to 100%. As soon as you’re ready, get in touch and we’ll help you through the whole process.
The great thing about shared ownership is that you buy what you can afford. You are not obliged to buy more shares or end up owning 100%. However, the scheme is better value for money the quicker you are able to staircase out and we always recommend you seek independent financial advice where possible.
Just like normal home ownership you can seek independent financial advice when you wish to change your mortgage deal. You can also choose whichever utilities company you prefer.
We don’t make any money from service charges. In fact, they are used to help pay for the upkeep of communal areas, roads, parking areas and other things like street lighting. They are the direct costs passed on to all residents in your street or development. You can request a breakdown of you service charges at any time.
If your partner is moving in, that’s fine, we just ask that you let us know.
Not strictly true, but be careful. Shared ownership leases always prohibit subletting to ensure the shared ownership product isn’t being used for commercial gain, however, most of the time the lease does not prohibit the leaseholder from taking in a paying guest or lodger.
If you live in a house and own the loft above your home, check with your housing association first, and then you’ll just need the necessary permissions such as planning permission from your local authority.
It’s your home and we want you to love it. However we do ask that if you’re planning on making structural changes that you make sure you get permission first. Upgrading can have a positive effect on the value, so remember to keep any receipts for major works.
You absolutely do not have to share your home or your mortgage with someone you do not know. Shared Ownership refers to the way the scheme works, meaning you share the equity with your housing association until you own 100%.
bpha Options to Buy
bpha Options to Buy is a leading provider of low cost homes in Eastern and Central England.
Visit bphaoptions.org.uk or call 0330 053 5131 for more information.