But while it can make homeownership more affordable, the legal process is more complex than a standard purchase. That’s where our specialist solicitors come in.

What is Shared Ownership?

Shared Ownership allows first time buyers to purchase a share of a new build or resale property (usually between 25% and 75%) by way of a shared ownership lease and pay rent on the remaining share.

Over time, you may be able to buy more shares in the property – a process known as staircasing – We can advise you on this process here…

New Model of Shared Ownership Lease

Since 2021 a new lease model has been available for certain shared ownership properties.

This enables an initial share to be lower at 10% whilst remaining as high as 75%, with 1% staircasing increments for the first 15 years. A new term of 15 years is offered to the incoming buyer on a resale.

The minimum lease term on such properties is 990 years giving greater security to the leaseholder, who is also able to claim up to £500 per year towards essential repairs for the first 10 years from the date of the shared ownership lease.

How We Can Help…

Our experienced property solicitors can guide you through every stage of the shared ownership process. For more information or if you need assistance with shared ownership property, contact us today.