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Shared Ownership Legal Services

Shared ownership and shared equity schemes are commonly run by Housing Associations (HA) and/or registered social landlords (RSL). The term ‘Shared Ownership’ means that you’re buying a share of your home (usually between 25% - 75% of the total value) and paying rent on the remaining share.

For many people, shared ownership is a more realistic option for the majority of people who are struggling to buy their own home. The majority of shared ownership schemes allow the buyer to pay for further percentages of the property (referred to as staircasing) as their circumstances change, with the end goal being that they will eventually own the whole property.

Unfortunately, not everybody is eligible to apply for shared ownership or a shared equity scheme, however, you may be eligible if:

  • Your household earns £80,000 a year or less (or £90,000 a year or less in London) and any of the following apply:
    • You’re a first-time buyer
    • You used to own a home, but can’t afford to buy one now
    • You’re an existing shared owner

However, this being said, all of these schemes have complex terms and conditions and there are only a small number of mortgage lenders who will lend money as part of a shared ownership. In addition to this, most mortgage lenders will have their own specific requirements, which is why it is vital that you contact our residential property team to get case-specific, high-quality legal advice. Please note that if you are looking to sell your share of the property, you must first comply with the requirements of the HA/RSL and therefore we advise that you contact us as early as possible in the selling process for advice.

If you’re aged 55+, you can receive help from an alternative home ownership scheme called ‘Older People’s Shared Ownership’ – this scheme works in the same way that normally shared ownership does, however, you will only be entitled to purchase up to 75% of your home. When you purchase 75% of your home, you will no longer need to pay any rent on the property.

If you have a long-term disability, you may be able to buy a home that is for sale on a shared ownership basis through a scheme called ‘Home Ownership for People with Long-Term Disabilities’ (also known as HOLD). You can apply for HOLD if the properties available in alternative help to buy schemes do not suffice – for example, you require a ground floor property due to your disability.

Shared ownership is a superb way to get yourself on the property ladder, and this is why our team of Residential Property Solicitors are here to help you. Your solicitor will be the single point-of-call for any questions or general queries that you have regarding your shared ownership case, and they will be with you every step of the way. We do our utmost to provide excellent customer service to all of our clients, which is why you will be updated throughout the entire process in terms that you understand. Our expert team of Residential Property Solicitors works in an efficient, cost-effective and professional manner, ensuring that you’re confident in our ability to represent you.  

 

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