Understanding Shared Ownership homes
Shared Ownership offers an affordable route to homeownership by allowing you to buy a share of a property while paying rent on the remainder. This scheme is ideal for first-time buyers or those unable to purchase on the open market. Our experienced legal team ensures you understand every detail, from lease terms and maintenance responsibilities to staircasing and resale procedures. We guide you through eligibility checks, mortgage options, and deposit requirements, making the process straightforward and stress-free. Start your journey today and explore properties through platforms like Share to Buy.
Expert guidance for your purchase
Our legal experts simplify Shared Ownership purchases, ensuring clarity on leases, costs, and future options.
Shared Ownership FAQs:
Your key questions answered about Shared Ownership.
What is a nomination period?
It’s a set period (usually 8 weeks) during which your housing provider has the exclusive right to find a buyer for your share before you can sell it on the open market.
How long does the buying process take?
It can take 12-16 weeks, but may vary depending on mortgage approvals, searches, and how quickly paperwork is completed.
Do I need a solicitor with Shared Ownership experience?
Yes, it’s strongly recommended. Shared Ownership leases can be complex, and a solicitor familiar with them can help avoid delays or issues.
What happens if my offer is accepted?
You’ll proceed to instruct a solicitor, apply for your mortgage, and begin the legal process of conveyancing.
Who is eligible?
There are some general eligibility requirements that anyone wishing to buy a Shared Ownership home must meet. The general eligibility criteria for Shared Ownership are as follows:
- You must be at least 18 years old.
- Outside of London your annual household income must be less than £80,000.
- In London, your annual household income must be less than £90,000.
- Shared Ownership purchasers are often first-time buyers but if you do already own another home, you must be in the process of selling it.
- You should not be able to afford to buy a home suitable for your housing needs on the open market.
- You must show you are not in mortgage or rent arrears.
- You must be able to demonstrate that you have a good credit history (no bad debts or County Court Judgements) and can afford the regular payments and costs involved in buying a home.
You will also need access to the deposit amount required. For Shared Ownership, this will usually be 5- 10% of the equity.
Please note: You should always check the eligibility required with the housing association selling the property, as they may have specific criteria.
Why choose Amicus Law
At Amicus Law, we provide expert legal support for Shared Ownership purchases, ensuring transparency and peace of mind. Our dedicated Shared Ownership team is here to make your journey simple and stress-free.
Where to start
Registering with Share to Buy can help you find a Shared Ownership property.
Getting started with Shared Ownership is not as complicated as people might think and the first step would simply be to check if you’re eligible. Please note that in addition to the general eligibility rules, some housing associations and local boroughs may have their own terms regarding priorities and affordability. These should be outlined on each listing on the Share to Buy property portal, and the housing provider will be able to explain in more detail.
With Share to Buy you can search for suitable Shared Ownership properties, register your interest in properties and contact housing associations for viewings – Shared Ownership Properties, Mortgages & Scheme Info | Share to Buy.
When you have chosen a property, you will need to make sure you have the required deposit and are able to get a mortgage. To research the mortgages available across the market you can visit different lenders website to have an idea how much you may be able to borrow, and the Share to Buy Mortgage Comparison Tool gives you an insight into the Shared Ownership mortgages available on the market.
Discover our latest events
Join us at our upcoming events to connect, learn, and stay one step ahead; explore our events today.
OUR LOCATIONS
GET IN TOUCH