Shared ownership can help you get a foot on the property ladder. We can help you find your way through the process.
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.
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:
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.
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.
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.
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.
For a free initial chat, at no obligation, or fill out our enquiry form and a solicitor will get in touch.
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