Shared Ownership

Our team of residential property solicitors frequently act for both sellers and purchasers of shared ownership housing in Essex, London and further afield, with a wealth of experience in checking the format of shared ownership leases and also in the process of staircasing.

Shared ownership is a government-backed scheme offered by housing associations which allows you to part-buy and part-rent your home. You buy a percentage share of your chosen property (typically between 25% and 75%) and then rent the part that you don’t own from the housing association. The level of rent will be set by the housing association depending upon the percentage of the property owned. The larger the share you own, the lower the level of rent.

There are a number of government-backed schemes available, including help to buy, shared equity and right to buy; however, these are not shared ownership schemes and different rules and procedures apply. Each of our residential property solicitors are well-versed in all schemes available and can guide you as to which may be suitable for your individual requirements.

Under the shared ownership scheme you can purchase additional shares in the property. This process is known as staircasing, which allows you to buy a larger share of your home from the housing association as and when you can afford it. How much you pay for your new share will depend on the value of your home at that time; your property will be valued to determine this. You can usually increase your ownership of your home up to 100% – however, some schemes for elderly and disabled persons limit the percentage that you can purchase to 75%.

Our property lawyers based in offices across Essex and London can advise upon: