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Shared Ownership

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Shared Ownership homes offer an affordable way of getting on the property ladder.

The scheme is normally run through a Housing Association, who will own the freehold and you will then purchase a share i.e. 25%, 50% and 75% and pay a rent on the remaining share to the Housing Association.  By doing this you have the same rights as a full home owner but at a more affordable cost.

The process would be:

• Contact the Housing Association involved with the property.
• They will check that you meet the criteria for their scheme
• They normally have financial advisors they can recommend so that you can arrange your mortgage for the percentage you wish to purchase
• They normally require a 10% deposit to proceed.
• The Housing Association will instruct their Solicitors and then they will send a Lease to the Solicitors of your choice and the works will proceed.
• You will need to have searches carried out on the property i.e. local search, drainage, environmental and chancel search.
• Throughout the process ensure you raise any queries you may have so that they can be resolved prior to completing.

Every owner will enter into a Lease with the Housing Association which will have certain restrictions and responsibilities that you have to abide by.  The Lease will also inform you of how much rent and service charge you have to pay to the Housing Association and what that payment will cover e.g. cleaning of communal areas etc.

We also work with a Housing Association who deals with people that have learning disabilities or mental health problems to be able to live in their own homes on a shared ownership basis and their benefits assist them with this.

You also have an opportunity of purchasing more shares in your property; this process is called “staircasing”.  By doing this it will obviously reduce the rent payable.  You will still have to abide by the regulations etc set out in the Lease you originally signed.

If you have any further queries please do not hesitate to contact Lynsey Hart on 01235 771234 or by email

Written by Lynsey Hart

April 11th, 2011 at 11:12 am