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Shared Ownership

Property is considered as one of the best investments you can make with your money. However, whilst many first-time buyers may be able to afford the higher rents of the capital and other cities in England, they may not pass the affordability criteria required to secure a mortgage with an affordable monthly payment.

This is a common frustration and can be bypassed with the help of purchasing a shared ownership property. The shared ownership scheme offers the chance for first time buyers to get onto the property ladder and choose from a variety of newly built properties, or existing properties through re-sale programmes from housing associations.

You can apply to own a share between 10% and 75%, with rent being payable by you to the landlord on the remaining share. As your financial circumstances increase, you can then apply to purchase more shares until you eventually own your property outright; this is known as ‘staircasing’.

NEW FOR 2021 – The scheme has now introduced a 10 year repair scheme for new build homes so the shared owner will now receive support from the landlord on essential repairs for the first decade of the property’s life (or until you staircase to 100% ownership), easing you into home ownership.

You may be eligible to buy a home through the government’s shared ownership scheme in England if:

  • Your household earns £80,000 a year or less outside London
  • Your household earns £90,000 a year or less within London
  • You are a first-time buyer
  • You used to own a home but can’t afford to buy one now
  • You are an existing shared owner wanting to move

No matter if you buy a house or a flat, you will enter into a shared ownership lease. This sets out your terms and conditions with the Housing Association in connection to your ownership of the property you are buying.

How do I apply?

The first point of call is to contact a local ‘Help to Buy Agent’ in the area you wish to live. These can be found at the government's website here.

How can we help?

Here at Amphlett Lissimore, our specialist Residential Property lawyers are fully equipped to act on your behalf and can guide you through the conveyancing process. We are experienced with the shared ownership scheme as well as being leasehold specialists so will ensure that your shared ownership lease holds no surprises for you.

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