How does Shared Ownership work?
Shared Ownership is a government-backed scheme that helps make homeownership more accessible. You can buy a share of a property - usually between 10% and 75% - and pay a reduced rent on the remaining part. This means you’ll need a smaller deposit than if you were buying the whole property outright, making it easier to take your first step onto the property ladder.
You’ll pay a mortgage on the share you own and pay rent on the rest, typically to a housing association like Aspire Housing. As a part-owner, you’re free to decorate and make your home your own, just as you would if you owned it outright.
Over time, you can increase your share of the property through a process called staircasing, which reduces your rent and brings you closer to full ownership. To get started, you’ll usually complete an affordability assessment to make sure Shared Ownership is the right fit for you - helping ensure these homes are available to those who need them most.
We’re here to guide you every step of the way, making the process simple, clear, and welcoming.
Are Shared Ownerships homes leasehold?
When you buy a Shared Ownership property, you’ll usually purchase it as a leasehold, which means you become a leaseholder. Most new Shared Ownership homes come with a long lease—often over XXX years, though it’s always important to check the specific details in your lease agreement.
In this arrangement, the housing association that owns the remaining share of your home acts as your landlord. Your lease agreement clearly sets out who is responsible for looking after your home and its surroundings, so you know exactly where you stand.
Your lease agreement is an essential document. It covers key details like how long your lease will last, any charges that apply, and your responsibilities for maintaining and repairing your home as a part-owner. If your rent on the landlord’s share is subject to annual reviews or increases, your lease will explain how this is decided - giving you full transparency and peace of mind.
Most Shared Ownership leases also include a provision for ‘staircasing’ - the process that allows you to buy more shares in your home over time.
If you’d like to know more about what’s included in your lease or need support understanding any part of it, we’re here to help every step of the way.
Stamp duty on Shared Ownership homes
You may need to pay Stamp Duty Land Tax (SDLT) when buying a Shared Ownership property, depending on the value of the home. How and when you pay can vary, and there are two main options:
  • Paying Stamp Duty on the Full Market Value:
    If you choose to pay SDLT on the full value of the property at the outset, you won’t have to pay it again if you decide to buy more shares in the future.
  • Paying Stamp Duty on Your Share:
    Alternatively, you can pay SDLT just on the share you’re purchasing now. If you take this route, you’ll need to pay SDLT again if you buy additional shares later on.
Every situation is different, so it’s important to look at your options and decide what’s best for you. We’re here to guide you through the process, answer your questions, and help make sure you feel confident every step of the way.
What is staircasing?
Staircasing is the process that lets you gradually buy more shares in your Shared Ownership home from Aspire Housing. Over time, this means you can increase the percentage you own - sometimes all the way up to full ownership, depending on the terms of your lease.
Staircasing gives you the flexibility to take things at your own pace, helping you move closer to owning your home outright when the time is right for you.
If you’d like to know more about how staircasing works or what steps are involved, we’re here to guide you every step of the way.
Can I decorate my home?
Absolutely - you’re free to make your home your own! Feel free to paint, hang wallpaper, and decorate to suit your style. If you’re moving into a new build, we just recommend waiting a year before decorating, so your home has time to settle.
If you’d like to make any structural changes, though, please get in touch with us first for permission. We’re always here to help guide you through the process and answer any questions you might have.
Can I have pets in my home?
We’re big fans of pets! All we ask is that you look after them, clean up after them, and consider whether your home is suitable for the type and number of pets you have. As much as we love all creatures, an elephant probably won’t fit in your spare room - no matter how tempting it might be!
If you have any questions about keeping pets in your home, just let us know - we’re always here to help.
Can I sublet my home?
If you’re thinking about renting out your home, it’s important to check the details in your lease. Most leases won’t allow you to sublet your entire home unless you own 100% of it, or you have permission from Aspire Housing - and, if you have a mortgage, from your lender too.
Permission to sublet is only given in exceptional circumstances. If you have any questions or need guidance, we’re here to help - just get in touch and we’ll talk you through your options.
Is Shared Ownership just for first time buyers?
Not at all - Shared Ownership is open to people from all walks of life, whether you’re a first-time buyer, going through a change in circumstances, or looking for a fresh start in retirement. The key requirement is that you can only own your Shared Ownership home and no other property at the same time. So, if you already own a home, you’ll need to sell it before purchasing through Shared Ownership.
If you have any questions about eligibility or your personal situation, we’re here to guide you every step of the way.
Do I share my home with someone else?
No, Shared Ownership isn’t the same as a house share scheme - you won’t be sharing your home with anyone else. With Shared Ownership, you buy a share of your own property and pay a mortgage on that part, while renting the remaining share at a reduced rate from Aspire Housing, who acts as your landlord.
Shared Ownership is designed to make homeownership more affordable and accessible, especially for people with a connection to the local area. It’s a great way to set up a safe, secure home of your own, with friendly support every step of the way.
What does it mean by having a local connection?
You might notice that some of our property listings mention a need for a ‘local connection’ to the area. This is because these homes are built to help people with ties to the local community - especially those who might otherwise struggle to get on the housing ladder.
The criteria for a local connection can vary from one location to another, but it generally means:
  • You’ve lived or worked in the area for a certain number of years (usually between 2 and 5)
  • You have close family - such as a parent, grandparent, child, grandchild, or adult sibling - who has lived in the area for at least three years
These requirements are set by the Local Council to make sure homes reach those who need them most in the local community.
If you’re unsure whether you meet the local connection criteria, or have any questions about your eligibility, our team is here to help guide you every step of the way.
Can I purchase 100% of my home initially?
With Shared Ownership from Cerris Homes, you won’t be able to buy 100% of your home right from the start. The scheme is designed to help people who might not be able to afford a full mortgage or large deposit, making homeownership more accessible for those with lower incomes or limited savings.
By letting you buy a smaller share of your home, Shared Ownership means you’ll need a smaller deposit and a more manageable mortgage. Over time, as your circumstances change, you can choose to ‘staircase’ - gradually buying more shares in your home, sometimes all the way up to full ownership if your lease allows.
This step-by-step approach is all about giving you flexibility and control, so you can move forward at your own pace and feel confident every step of the way.
How much deposit will I need for Shared Ownership?
One of the great things about Shared Ownership is that the deposit you’ll need is usually much lower than with a traditional home purchase. Instead of paying a deposit based on the full market value of the property, you’ll only need to put down a deposit on the share you’re buying. Typically, this is around 5% to 10% of your chosen share.
It’s worth noting that different mortgage lenders may have their own requirements. The exact amount you’ll need can depend on your credit score, financial circumstances, and the lender’s criteria - some may ask for a higher percentage.
Alongside your deposit, it’s important to plan for other costs, such as legal fees, mortgage arrangement fees, stamp duty (if it applies), and moving costs. We’re here to help you understand all the costs involved, so you can move forward with confidence.
If you’d like a personalised estimate or more guidance on what to expect, just let us know - we’re always here to help.
Does allocated mean that the home is allocated as social rent?

No, “allocated” simply means this home is on hold for five working days while a potential buyer goes through financial qualification. It’s not sold yet - just reserved for a short time. 

What happens if my home is not completed by the expected handover date?

Where we’re building your home, we do everything we can to keep things on track and avoid delays. Some of our homes are built by other house builders, and while we have less control over their schedules, we work hard to minimise any impact and keep you updated every step of the way.

If there are any delays, we’ll always let you know as soon as possible - so you’re never left in the dark.

Are there any age restrictions on Shared Ownership homes?
To buy a home with Cerris Homes, you’ll need to be at least 18 years old. Shared Ownership is generally available for people aged 18 to 54. If you’re 55 or over, you can still benefit from the scheme through the Older Persons Shared Ownership option, which allows you to buy up to a 75% share in your new home.
If you’d like more information about eligibility or how the process works for your age group, we’re here to guide you every step of the way.
Can I pick my own share percentage?
No, the share percentage you can buy is usually worked out by your mortgage advisor, based on what’s affordable for you. They’ll look at your income, outgoings, and any surplus, as well as consider anything that might affect your finances in the future.
If you’re buying a resale Shared Ownership property, things work a little differently - you’ll need to purchase the share that’s advertised, or sometimes you may have the option to buy a larger share.
If you have any questions about how your share is calculated, or what’s possible in your situation, we’re here to help guide you every step of the way.