Buying your first home is one of life’s biggest milestones, but for many, saving for a full deposit can feel impossible. That’s where shared ownership steps in.
Shared ownership allows you to buy a share of a home (as little as 25%) and pay rent on the rest. It’s designed to make homeownership more affordable, more achievable, and less intimidating for first-time buyers.
At PLS Solicitors, we’ve helped thousands of people take their first step onto the property ladder, including one happy buyer who recently shared this feedback.
First-Time Buyer Success with Shared Ownership
One of our buyers recently said:
“Excellent when using their service for a shared ownership property and Help to Buy bonus. Shout out to Clare L in Alex’s team! Replied swiftly, explained things clearly, and even helped me get my Help to Buy bonus in full. Buying our house took over 9 months, but they kept in contact and made it a smooth journey. Highly recommend!”
This first-time buyer was able to purchase a 25% share of their new home through shared ownership, turning what once felt like a dream into reality.
Our team supported them every step of the way: from checking eligibility and completing paperwork to communicating with solicitors and making sure everything went smoothly right up to the exchange of keys.
What Does Buying a 25% Share Actually Mean?
Shared ownership lets you buy part of a property and pay rent on the remaining share. For example:
You purchase a 25% share of a home.
- You pay rent on the remaining 75% (owned by the housing association or provider).
- Your deposit is based only on your 25% share, making it much smaller than a traditional mortgage deposit.
- Over time, you can buy more shares (known as staircasing) until you eventually own 100% of your home.
This flexible model makes homeownership possible for people who may not yet have the deposit or income to buy outright.
Shared Ownership Myths Busted!
Even though shared ownership is growing in popularity, there are still a few common myths that cause confusion. Let’s set the record straight:
Myth 1: “I’ll never fully own my home.”
Reality: You can staircase and buy more shares over time, all the way up to 100%.
*Do check your specific shared ownership agreement, as the ability to purchase additional shares up to 100% can depend on the terms set by your housing provider.
Myth 2: “It’s only for key workers.”
Reality: Shared ownership is available to a wide range of buyers, not just key workers.
Myth 3: “It’s too complicated.”
Reality: Our team guides you through every stage of the process, from eligibility to moving in.
Myth 4: “I need a huge deposit.”
Reality: Deposits are based on your share, not the full property price, making it much more affordable.
Myth 5: “I’ll be stuck paying rent forever.”
Reality: Once you buy 100%, you’ll own your home outright and no longer pay rent.
Expert Tips from Our Shared Ownership Team
Our Shared Ownership specialists have helped hundreds of buyers make their move; here are their top tips for first-time buyers:
“Get your documents ready early.”
Having your payslips, ID, and proof of deposit organised speeds up the process.
“Ask questions, we’re here to help.”
There’s no such thing as a silly question. Buying your first home is a big deal, and we’re happy to explain every step.
“Think long-term.”
Shared ownership gives you flexibility. Start with what you can afford now and grow your ownership over time.
“Stay patient.”
Buying a home can take a little while, but every step brings you closer to your goal.
Why Shared Ownership Could Be Right for You
Shared ownership isn’t just a financial decision; it’s a lifestyle choice. It offers:
- Flexibility: Buy what you can afford now, with room to grow.
- Security: You’re a homeowner from day one.
- Affordability: Smaller deposits and lower monthly costs than buying outright.
- Support: Expert help from our team throughout your journey.
If you’ve been dreaming about owning your first home, shared ownership might be the key that makes it possible.
Ready to Take the First Step?
Our dedicated Shared Ownership team is here to guide you, from checking eligibility to collecting your keys. Whether you’re just starting your research or ready to buy, we’ll help make the process smooth, supportive, and stress-free.
Contact us today to find out how we can help you buy your first home through shared ownership.
