Call our quote line to speak to a qualified solicitor0800 987 8156* Send a message
*Call this mobile friendly number or your local branch
Shared ownership schemes are provided through housing associations. You buy a share of your home (between 25% and 75% of the home’s value) and pay rent on the remaining share.
You’ll need to take out a mortgage to pay for your share of the home’s purchase price.
Shared ownership properties are always leasehold.
You can buy a home through shared ownership if:
Buying more shares
You can buy more shares in your home any time after you become the owner. This is known as staircasing.
The cost of your new share will depend on how much your home is worth when you want to buy the share. If property prices in your area have gone up, you’ll pay more than for your first share. If your home has dropped in value, your new share will be cheaper.
The housing association will get the property valued and let you know the cost of your new share. You’ll have to pay the valuer’s fee.
Selling your home
If you own 100% of your home, you can sell it yourself. When you put it up for sale, the housing association has the right to buy the property back first. This is known as ‘first refusal’ and the housing association has this right for 21 years after you fully own the home.
If you own a share of your home, the housing association has the right to find a buyer for it.
Please call our mobile friendly number on 033 33 22 1000 or 0800 9878156 or send us a message for further information.
Solicitors in: Solicitors in Halstead, Solicitors in Hadleigh, Solicitors in Chelmsford, Solicitors in Burnham on Crouch, Solicitors in Witham, Solicitors in Wickford, Solicitors in Maldon, Solicitors in Colchester, Solicitors in Braintree and Solicitors in Rayleigh
|Lease Extension||get a quote|
Send us a message and we'll get back to you as soon as we can.Ask Us A Question
Attention! Have you been targeted by spam?
Cyber criminals are increasingly targeting victims by masquerading as law firms and financial institutions. Such activity is commonly known as phishing or spoofing. Click here for an example. If you are unsure as to the legitimacy of any unusual or suspicious emails received, please report to us on 0800 987 8156.