Shared ownership

Shared ownership can help you get a foot on the property ladder. We can help you find your way through the process.

Eleanor Burroughs, Saffron Walden

Shared ownership - legal advice

Is shared ownership right for me?

Shared ownership schemes let you buy a share of your home (normally 25%, 50% or 75%) and rent the remaining share off of a Housing Association. In many cases, you also have an option to pay extra and gradually increase the share of the property you own. This means that you can gradually purchase 100% of your home without the initial commitment of a deposit and mortgage.

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

Helping you get on the property ladder

Shared ownership schemes can help first time buyers get on the property ladder. Generally, shared ownership schemes involve long leases. So, they offer a sense of stability and let you really put down roots in an area. These things can be hard to find in traditional leases.   

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 understand what they all mean. By involving a solicitor at an early stage, you’re in the best position to

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.  Our team of Residential solicitors can help you find your way, and determine if shared ownership is right for you.

How we can help you

Our Residential Property Team are experienced in all the legal aspects of buying a home, including shared ownership. We’ll help you to look at your own circumstances and we’ll explain what shared ownership would mean for you. We’ll help you get all the information you need to decide whether shared ownership is for you. If it is, we can help you make your move. 

We look at every angle

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. We’ll talk to you in plain English and explain what your options are. Give us a call and we’ll let you know how we can help.

Call our Conveyancing and Property solicitors on 0800 0131165

For a free initial chat, at no obligation, or fill out our enquiry form and a solicitor will get in touch.

Enquiry form

Make an enquiry

Tees coronavirus update

We’re open and here to help you. We’re running as normal with our employees all working from home.

Find out more Show less

You can call us as normal on 0800 013 1165 or email us:

You can also find contact details for all our advisers here. 

As a flexible and technologically-adept firm, we already had many home-working systems in place. We have now rolled this technology out to all our employees working for clients, so they can continue to work normally - and from home.

If you are a client, please be assured you can get in touch with Tees and we are still working on your case. To replace face-to-face meetings, we have the facilities to do video-conferencing, conference calls or just speak on the phone, as you need.

Due to the circumstances, please call us if you would have wanted a home visit, and we can organise the best and safest way of being in touch.

Designed and built by Onespacemedia