"The second page is ‘security’. This deals with who can do what in your house, should you choose to allow other players access to your home. Although the house sign lists the character who placed the house as the owner, all characters on the same account are also counted as the owner. House co-ownership is account based,
when co-owning a character you in fact co-own all characters on the account. All characters on that account will have the same access, though only one will appear on your co-owner list. You may co-own up to 10 accounts. If any characters on the account you are co-owning are already friended they will be removed from the friends list. Each character can be friended or co-owned to as many houses as you like."
uo.com
What
@darksephroth is saying
@Dexter is that the co-owner part is working. You co-own one character to a house, all characters on that account get co-owned.
The problem is a friend on the friends list can BAN a co-owner(with account access) if it is not the original one that was co-owned.