What is Shared Ownership?

A great alternative to renting

Shared Ownership is a great option with incredible benefits for new home buyers, or for those struggling to save a large deposit. It's been helping people get their foot on the property ladder for over 40 years. Why has Shared Ownership stood the test of time? Unlike buying somewhere on the open-market, you don’t need to find a deposit for 100% of the property price. You will purchase a share of the property, which is anywhere between 25% and 75%, and pay a low-cost rent on the remaining share. In many cases, you’ll only need a 5% deposit of the share you’re purchasing, so you could step onto the property ladder with a deposit from just £3,000.


VIVID has helped close to 3000 customers become home-owners. Let the next person be you.

First time buyer's advice

Here you’ll find answers to a few of the popular questions that we find our customers like to know

A service charge is a payment made to us by a customer to cover the cost of providing services such as repairs, maintenance, improvements, insurance and management costs.


You may have bought 25% share of your home, but you will still need to pay 100% of the service charge each month. Your service charge may increase or decrease over time, but we’ll contact you regarding this in advance if this is the case.

The total you pay can vary depending on how much it has or will cost us to provide these services, and customers’ individual charges may vary according to the services they receive.

All homes that are bought through Shared Ownership are leasehold. This means that you own your share of the home, but the land that you home is built on is owned by the freeholder – which in this case is VIVID. The length of the lease is outlined in your lease which you'll receive from your solicitor. It could be 125 years, or in some cases, 250 years.


If you decide you want to ‘staircase’ so that you own 100% of your home, you’ll no longer have any rent payments to VIVID; fantastic! Just remember that you might still be a leaseholder though (especially if you’re in a flat) so monthly service and/or management charges will still apply.. Its important at this stage, you check with your sales officer to confirm.

If you live in a house and want to have the freehold once you own 100%, just let us know. Remember you’ll then need to arrange your own buildings insurance as up until then, it was included in your monthly rent and service charges.


In some occasions there may be restrictions to staircasing to 100%. This is usually in place so that the property remains as a shared ownership home so that if/when you come to sell your home, it’s offered as an affordable home again like when you first purchased it! Staircasing restrictions are confirmed in your lease, but check with your sales officer to confirm too.

Shared ownership is so popular that we usually sell all our homes off plan, even before they’ve finished being built. This means when you apply and reserve your new home, it may still be a building site, and won’t be at a stage when it’s safe for you to view it. But as soon as it is ready, we'll let you know and you can have a look.

Everyone who wants to buy from us has to - at first - work with someone from our panel of carefully chosen financial advisors, who are experts in shared ownership and how we sell homes.

They check if you’ve got the income to buy a home. And will tell us how many shares (how big a chunk of it) you can afford at the start.

You can use your own financial advisor too, especially to sort your mortgage. But our advisors will still do the first checks.

We work with:

Chartwell Funding | phone: 01454 540 500 | email: enquiries@chartwellfunding.co.uk

Stephen Douglas Financial Services | phone: 01256 472 722 | email: stephen.douglas@tiscali.co.uk

Charters Financial Services | phone: 08454 500 200 | email: a.amos@chartersfinancialservices.co.uk

Unfortunately, no, you can’t. To keep costs down we buy kitchens, bathrooms, carpets and other things in bulk, often many months ahead of time, as part of the contract between us and the builder.

You will hear us use the terms handover date and completion date. There is a difference between the two terms. 

Handover date means the date the developer give VIVID the keys to the property.

Completion date means the date VIVID give the keys to you (once the legals are done and the purchase price has been paid)

This varies from scheme to scheme, and you’ll need to ask permission if you want to install one. There will be more information on this in your Home User Guide when you move in.

We advise you not to store bulky or precious items in the lot space as it wont be boarded out for storage and filling this space can affect the airflow and create damp issues. In apartments, you legally only own up to ceiling height and therefore access to the loft space is for access to services / maintenance purposes only.

Yes. And there’s no need to let us know if you get one.

Your Memorandum of Sale and your Conveyance plan will show you whether you have been allocated (right to use) a parking space, whether it is demised to you or whether all parking spaces in the vicinity of your property are free for all residents to use. The number of parking spaces you get is set by the local authority planning department

It is your responsibility to pay for the repairs of your home. Your contract / lease defines this.  The good news is that your home comes with a 10 year warranty (sometimes 12), for any major structural damage. This is called an NHBC or LABC warranty.  Please note any excess that needs to be paid for any work undertaken will be your responsibility to pay.  Please also note that the excess limits increase per annum.

You can work this out by looking at the site plan, which will either be in the brochure or sent to you by email. The conveyancing plan for your new home will also tell you this information.

As a shared ownership leaseholder it’s up to you to service your boiler. You need to do this at least once a year. It'll say this in your lease.

Our newbuild Shared Ownership homes are valued by a RICS (Royal Institute Charted Surveyor) surveyor which confirms the full market value for 3 months. Every 3 months we will have the homes revalued, to make sure they're in line with the current market. This means the price is non-negotiable. It also means the value of the homes could go up or down, so are subject to change.

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