LEGAL
Shared Ownership can be complex, and that complexity can cause concern about the product and how successful it is for people, but we are here to debunk some of those myths that you see and tell you that it doesn’t need to be as complicated as it seems. Joel Taylor, Business Development Manager at Owen Paulo explains Shared Ownership MYTHS DEBUNKED
Joel Taylor , Business Development Manager, Owen Paulo
YOU CAN ONLY BUY A NEW BUILD ON THE SHARED OWNERSHIP SCHEME New builds are just one option when it comes to Shared Ownership (although it’s certainly the option that gets the most attention!). Resale Shared Ownership continues to be an ever-growing market and resales offer just as much as their new build siblings. A new build property is only considered a new build on the first purchase; when the current leaseholder is looking to sell their property, it is then considered a Resale Shared Ownership property. Resales come in all shapes and sizes, this means if you aren’t into the aesthetic of a new build, you have other choices. I would always recommend you look around on selling agent websites or contact housing associations to ask what resales they have in your area; you may find there are more suitable resale options. DOES STAIRCASING MEAN YOU PURCHASE THE UPSTAIRS OF YOUR HOME? This is always a funny one, but certainly understandable. The name “staircasing” can be misleading. Staircasing is simply the process of purchasing additional shares of your property. Usually this is up to 100% ownership, but it can depend on the lease of the property. If you are looking to eventually own your property at 100%, it might be worth speaking to the landlord at the outset, to ensure that your lease allows for that. Over the years staircasing has become easier for leaseholders to do, but some older leases have strict rules around staircasing, such as how much you can staircase by, or how many times you can staircase. If you are interested in more information, you can visit the Owen Paulo website where we have further articles about this topic.
IT IS IMPOSSIBLE TO SELL A SHARED OWNERSHIP HOME This is a common myth that we hear, and it would be wrong of me to tell you that it’s incredibly easy. It really isn’t too dissimilar to selling on the open market, but it is important to ensure your expectations around the process are managed. Because the property is jointly owned, there is an extra party involved, and leases have certain requirements that must be met when it comes to selling. Most leases will have a set period that the landlord must try to find a buyer for the property. These “nomination periods” can vary but they are approximately four weeks. During this time, the landlord will be marketing the property at the share the leaseholder owns. If the landlord hasn’t found a buyer, the leaseholder is then
allowed to find a buyer themselves, usually on the open market. It is therefore important that leaseholders bear this in mind when it comes to selling so as not to be taken by surprise. There are a multitude of myths out there around Shared Ownership but there are people within the sector that are working to raise awareness of the scheme and educate people on what to expect. The best advice I could give is to ask as many questions as you want and trust the experts you have hired to represent you.
Owen Paulo specialises in resales and staircasing and we are happy to offer further advice or a quotation. enquiries@owenpaulo.co.uk
0808 196 7020 owenpaulo.co.uk
106 First Time Buyer October/November 2026
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