Shared Ownership

Shared ownership can be a good option if you can't afford a mortgage on 100% of a property.  It can also be a good way of getting on the property ladder as you will not be required to have such a large initial deposit in the bank.  Most shared ownership homes are new builds, although some are owned by housing associations and can be resold when the previous owner moves on.

You will pay a mortgage on the share of the property you buy (typically between 25 and 75%) and pay rent on the remainder often at a reduced rate.  This makes these properties more affordable in the short term and you may be able to buy more shares as time goes on.

If you are looking at shared ownership you will need to contact the housing association to see if you are eligible and if there are suitable properties available.  Occasionally shared ownership properties are marketed by estate agents, but you will still need to be approved as being eligible by the housing association before proceeding.  Once you have done this you will need to check with your mortgage company that they are happy to offer you a loan against a shared ownership property, some lenders do not do so.

Once you have done this our specialist conveyancing team will work closely with all parties to ensure that your purchase proceeds smoothly.  We will advise you of all your responsibilities and make sure you consider all the costs of homeownership, including mortgage fees, moving costs, stamp duty, insurance, repairs, maintenance and, if it’s a flat in a block, your service charge. It is also important to remember that although you own only a share of the property you still have to pay all of the maintenance costs.

Our team will ensure all searches, finances, paperwork and contracts are completed and exchanged on time so that you can get on with enjoying your new home. We will register the purchase with the Land Registry and can hold the title deeds safely if you wish us to do so.

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