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shared ownership conveyancing

Shared Ownership

To help individuals and families take the first step on the property ladder, housing associations have helped buyers by setting up a shared ownership scheme, whereby you would initially purchase a share between 25% – 75% and pay rent for the remaining share.

Shared ownership requirements

Shared ownership properties are always leasehold properties and the requirements for eligibility are as follows:

  • Household joint income does not exceed £60,000.00
  • You are a first-time buyer ( or used to own a home but cannot afford to buy one now)
  • You rent a council or housing association property

Staircasing and shared ownership

During your ownership of the property, you can purchase more shares in the property and this is often referred to as staircasing in shared ownership.

The value of the additional share will depend on the value of the property at the time. The shares are to be purchased and you will be responsible for the valuer’s fees. Stamp Duty payments may become payable but your legal advisor will be able to advise you further depending on your circumstances.Shared ownership and selling

Selling the property in shared ownership

If you wish to sell the property, with shared ownership you can only do so if you own 100% of the shares in the property. However, during the first 21 years of ownership, you will need to provide the housing association first refusal of the property. This means if they want to, they will purchase the property from you.

If you do not own the full 100% share, the housing association will find a buyer for the property.

We are very familiar with the shared ownership scheme process at Edward Hands and Lewis and our Property team will be more than happy to guide you through the process.

To get the ball rolling with shared ownership, get a quick, instant conveyancing quote today: CLICK HERE

Other topics related to buying a house:

Click on the links below to find out more about:

Conveyancing process

Selling a house

Right to buy

Unregistered properties

First-time buyer

Leasehold property or freehold property?

Buying a house

New builds

Buy to let

Remortgaging

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