FAQs

Frequently Asked Questions about Shared Ownership.

Click on the questions below to take you to the answers.

1. Who do I share my home with?

2. Can I have pets?

3. Can I sublet my property?

4. Does the rent go up on the share I don’t own?

5. Does Ocean share the cost of council tax and water rates?

6. Does the property I’m buying have a builders guarantee?

7. Can I run a business from my home?

8. What size property can I buy?

9. Am I eligible for Shared Ownership as a current homeowner?


1. Who do I share my home with?

Nobody. We don’t share the property with you, we just own some of it.

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2. Can I have pets?

You will need to seek permission from your Home Ownership Advisor

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3. Can I sublet my property?

No. Within the rules of the lease you are not permitted to sublet the property.

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4. Does the rent go up on the share I don’t own?

Yes, the rent gets reviewed every year on 1 April with potential for an increase.

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5. Does Ocean share the cost of council tax and water rates?

No, you will be responsible for the full amount.

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6. Does the property I’m buying have a builders guarantee?

Our new build properties do come with A 10-year guarantee.

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7. Can I run a business from my home?

No, as defined in your property’s lease you are not permitted to run a business from the premises.

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8. What size property can I buy?

You are allowed one more bedroom than you currently need. For example, a 2 adult, 1 child family can apply for a maximum 3 bedroom property.

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9. Am I eligible for Shared Ownership as a current homeowner?

If you already own your own home, including overseas and existing Shared Ownership you will not be eligible for the scheme. Although if you are looking to purchase a larger home and are unable to on the open market due to financial constraints then you might be eligible. In this case you would need to demonstrate your housing need and have the support of the local authority and have sold/SSTC your current property before applying.

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