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Congratulations on choosing Shared Ownership, a great way to help you buy your own home.

Now you're in, there are a few things to think about.

What are the ongoing costs?

Once you have moved in you will need to pay a reduced monthly rent, insurance, any service charges, repairs, council tax, utility bills, and your mortgage if you have one.

Can I do home improvements?

Decorating? Yes, go for it! But before you carry out any major work, you need written approval from us, and in some cases also from your mortgage lender. You may also need planning permission and building regulations approvals.
 
Can I buy more shares in my homes?

Of course! When you buy extra shares in your home, your lease will refer to this as 'staircasing'.

In most cases you can buy shares (provided you buy a minimum of 10%) until you own your home outright. However, there might be restrictions on the maximum amount of shares you can buy or when you can buy them. We will have already discussed this with you when you first bought your home.

This video explains the steps involved in buying more shares. You can also use our Buying More Shares Calculator to check how much it might be to buy more shares in your home.

How do I sell my Shared Ownership home in the future? 

When it comes to moving on, there are two ways to sell your Shared Ownership home.

Selling your share

Under the terms of your Shared Ownership lease, and in accordance with legislation, you are obliged to allow Sovereign four weeks to nominate an eligible buyer.

To facilitate this we can advertise your property on our website to help you find a buyer who wishes to purchase your home on a Shared Ownership basis.

After these four weeks we can continue to market your property for you, or you can find a buyer for your share yourself, or use an Estate Agent.

Staircasing to full ownership and simultaneous sale

Some Shared Ownership leases allow you to staircase to full home ownership and sell your home at the same time. This allows you to find a buyer who wishes to purchase your home on the open market at 100% share. Sovereign will still need to approve any buyer. There may also be some restrictions on who you can sell to (these are known as Section 106 restrictions, and are imposed by the Local Authority at the point of granting planning permission to build your home).

You can download our guide to selling your Shared Ownership home  for more information on how to sell your home.

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