Shared ownership

Is shared ownership right for me?

Shared ownership schemes let you buy a share of your home (normally between 25% and 75%) and rent the remaining share from a Housing Association. In many cases, you also have the option to purchase further shares during your time in the property via a process known as 'staircasing', and in most cases can staircase all the way to 100% ownership. 

Typically, you’ll pay a mortgage on the percentage you own and rent on the percentage owned by the Housing Association.

How we can help you

Our Residential property team are experienced in all the legal aspects of purchasing, selling or staircasing a shared ownership home and members of the Law Society Conveyancing quality scheme. In addition to our legal expertise, Tees has the financial insight to guide your purchase. Our team of financial advisors can help you find the right mortgage lender for your situation.

Helping you get on the property ladder

Shared ownership schemes can help first time buyers get on the property ladder if you can't afford or can't borrow enough to buy on the open market. Generally, shared ownership schemes require a smaller deposit, reduce monthly costs, offer the potential to grow your equity and may be personalised to your circumstances.   

However, they can be a bit more complicated than outright purchases. There are more rules than with a traditional mortgage arrangement, so it’s vital that you speak to a share to buy mortgage broker to help understand how much you can afford to borrow.

Some of the things you’ll need to think about include:

• How sharing ownership of your home with someone else, for example, a housing association, affects your personal circumstances
• Paying your way. If you’re taking out a mortgage for the part of the property you own, you’ll also have to pay rent on the part that you don’t own
• What happens if you can’t afford the payments
• What happens when you sell the property

Shared ownership could be the best way for you to get a home of your own, but there’s a lot to think about.  

How we can help you

Our Residential property team are experienced in all the legal aspects of purchasing, selling or staircasing a shared ownership home and members of the Law Society Conveyancing quality scheme. In addition to our legal expertise, Tees has the financial insight to guide your purchase. Our team of financial advisors can help you find the right mortgage lender for your situation.

What to do next

You’ll find our Residential Property Team helpful and easy to talk to. 

Our specialist lawyers are based in:

• Cambridgeshire: Cambridge
• Essex: Brentwood, Chelmsford, and Saffron Walden
• Hertfordshire: Bishop's Stortford and Royston 

But we can help you wherever you are in England and Wales.

Call our specialist solicitors on 0808 231 1320