If one opts for shared ownership, it is possible to be able to leave this agreement once able to buy a property fully i.e. by earning enough?
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Shared ownership isn’t an agreement, per se. You actually *own* part of the property. Not specific parts like “I get the kitchen, you get the master bedroom, and we split the bathroom,” but when two people buy a house together they typically are entitled to 50% of the proceeds of selling the house each. To leave this situation, you can either sell your interest in the house, give it away, or force something called a “partition sale,” which is when a court orders that the property be sold and the proceeds distributed among the owners according to how much of the property they own.
With renting, you don’t own *any* of the property at all. That one *is* an agreement. You agree to pay rent to the owner of the property or their agent; the owner of the property agrees to let you live there and agrees to follow a set of rules and regulations limiting what they can do while you are there and dictating what they *must* do while you are there.
Buying a property with a mortgage is basically the same as the first situation, except that there’s only one owner. The bank lends you the money to buy the house in exchange for additional money in the form of interest, and they place a “lien” on the house, which means that if you default on the mortgage they’re allowed to seize and sell it (according to established processes) in order to recoup their money.
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