Shared ownership

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

Lisa Frost, Royston
Lisa Frost, residential property specialist in Royston

Shared ownership - legal advice

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 off of a Housing Association. In many cases, you also have an 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.

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 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 Conveyancing and Property solicitors on 0800 0131165

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.

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You can call us as normal on 0800 013 1165 or email us: hello@teeslaw.com.

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.

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