Ask us Anything
Posted Thursday, 19 September 2019
As part of Shared Ownership Week we asked you to let us know all your burning shared ownership questions! Every day we'll be answering one of the questions that were submitted...
"Can I be a shared owner of the house I already live in or does it have to be a new build?"
Shared ownership homes are assigned by the local council and house builder at the time they're built. So while you can't change your existing home to shared ownership, you can buy a new or pre-loved shared ownership home.
"How do I go about buying Sovereign Living out completely?"
Most shared ownership leases allow you to buy more shares than you originally purchased, we call this staircasing. You can usually staircase to 100% ownership and in some cases this will convert the home to freehold.
"If I buy a property at 50% can I make renovations or extend it?"
Regardless of the share you own, the home is yours to decorate as you wish. Any major changes or alterations should be checked with the owner of the lease (i.e. Sovereign Living) as they have a stake in the property too.
"What happens when the mortgage term expires, do we still pay rent or would the property be completely ours?"
Whilst you own a share in the property you'll continue to pay the reduced rent on the share you don't own. If you buy more shares in your home, the rent will decrease.
Check back tomorrow where we'll be answering another shared ownership question!