Shared Property Ownership

opening opportunities with Shared property Ownership

How can we help you?

Giving first time buyers and those that do or do not currently own a home the opportunity to purchase a share in a new build or resale property.

Shared Ownership takes you one closer to owning your first property. When choosing a shared ownership property, the purchaser pays a mortgage on the share of the house they own and pays a subsidised rent to a housing association on the remaining share. Because the purchaser only needs a mortgage for the share they are purchasing, the amount of money required for a deposit is usually lower when compared to the amount that would be required when purchasing outright. The purchaser has the option to increase their share during their time in the property via a process known as ‘staircasing’ and in most cases it is possible to staircase all the way to 100%. This will remove the requirement to pay rent, leaving just the requirement to pay the mortgage along with any relevant service charges and ground rent.

At Amicus Law we understand the unique dynamics of shared property ownership and the importance of ensuring a smooth and efficient experience for our clients. We are well versed in all areas of shared property ownership, whether you’re looking to purchase a shared ownership property, explore the options for additional staircasing, or looking to sell your shared ownership property, our team are here to support you every step of the way.

Our Approach

Whether you are a first-time buyer or a shared property owner looking to explore different ownership options, we will work closely with you to navigate the whole process, answering your questions and ensuring that your interests are protected.

With our expertise and dedication, you can trust that we will handle your shared property ownership matters with the utmost professionalism and care.

Shared Ownership FAQs – What You Need to Know

What is Shared Ownership and how does it work?

Shared Ownership allows you to buy a share of a property (usually between 10% and 75%) and pay rent on the remaining share to a housing association. Over time, you can buy more shares through a process called staircasing.

Who is eligible for Shared Ownership?

You may be eligible if your household income is under £80,000 (£90,000 in London), you can’t afford to buy a home outright, and you don’t currently own another property. There may also be local eligibility criteria set by the housing provider.

Can I buy a Shared Ownership property if I already own a home?

Generally, no. Shared Ownership is aimed at people who don’t currently own a home. You must sell any property you own before completing a Shared Ownership purchase.

How much of the property do I have to buy initially?

Under the new model lease, the minimum initial share is 10%, although many providers still offer shares starting from 25%.

Can I rent out my Shared Ownership property?

No, subletting is not permitted unless you own 100% of the property or have written permission from the housing association in exceptional circumstances.