Shared Ownership

A great way to get your foot on the housing ladder

Purchasing a Shared Ownership property is the perfect way to get your foot on the housing ladder, particularly if you are unable to afford to purchase a home outright.

Through Shared Ownership, you can purchase a share of a property, whilst paying rent on the remaining share. Once you own a share, you are able to staircase the property by purchasing more shares.

And, when the time comes for you to sell your home, you can. Although, there are certain procedures you will need to follow in addition to the usual process of selling a property, along with restrictions that will be set out in your lease.

Purchase

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Sale & Subletting

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Staircasing

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Your questions answered…

Shared Ownership

  • Can I sub-let my Shared Ownership property?

    No. You must live in the home that you purchased or rent. In exceptional circumstances (serving member of the armed forces) then subletting may be considered but written permission from your housing association would need to be obtained.

  • Am I eligible for Shared Ownership?

    Find out whether you’re eligible via your local Help to Buy agent.

  • What is Shared Ownership?

    Shared Ownership is a government scheme that means you can buy between 25% and 75% of a property, whilst paying rent on the remaining share.

  • I now own all my home, is subletting an option?

    Unless it states otherwise in your leasehold agreement, now that you own 100% of your property you may sublet. However, before you make any arrangements, we recommend you check your leasehold agreement and to contact your housing provider.

  • Are there any circumstances where I can sublet my shared ownership home?

    Typically, under the terms of your loan you are not allowed to sublet. This is because the Shared Ownership Scheme uses public funds to help buyers unable to afford a property on the open market. However, under the following set of circumstances, exceptions may be considered, if:

    • You must temporarily relocate because of your job and will not earn enough to afford your mortgage alongside relocation costs.
    • Due to a medical condition you cannot live in your home for a temporary period.
    • You must temporarily move to look after an ill family member.
    • Written confirmation from your mortgage lender that they are willing to allow you to sublet.
    • Confirmation regarding how long you want to sublet for and your intentions once the period of sub-letting has expired.
    • Evidence supporting your case.

    There are also, of course, other compelling social reasons which may be considered upon application to your housing association.

  • If I have made home improvements will I benefit from them?

    If, at the time of sale, you are a shared owner of your home then the valuer will not value these improvements separately. You sell the share that you own, which shall be a percentage of the full market value including improvements you have made. If you are the outright owner of your home then when you come to sell you can make a profit from any home improvements.

  • What will happen if my housing association is not able to find a buyer?

    Normally, if your housing association is unable to find a buyer within 8 weeks they will let you know that you are free to sell your home through an estate agent. But, despite being allowed to place your house on the open market, you must still sell at a price no less than the one set by the valuer.

  • How long will the process of selling a shared ownership property take?

    Once your housing association finds a suitable buyer, they have 12 weeks to complete the purchase. Although, if you still need time to find another home, then this process can be made more flexible, depending upon what you and the buyer can agree.

    Your conveyancer and the buyer’s conveyancer will need to decide an exchange and completion date. Your housing provider is not normally involved in agreeing dates, so these are negotiated exclusively between you and the buyer.

  • I want to sell my Shared Ownership home, will the housing association need to be involved?

    If you own less than 100% of your home, then the housing association will be responsible for finding a buyer for your home. Generally, your housing association will have a “nomination period” of 8 weeks from the date they received the signed contract of sale to nominate prospective buyers.

  • I don’t own 100% of my home; can I still sell?

    You can still sell your shares if you do not own 100% of your shared ownership property.

  • I want to staircase, will I need to speak to a conveyancer?

    Yes, a conveyancer will be required to handle the legal work involved in your staircasing and, potentially, in your re-mortgaging. A conveyancer is needed because staircasing will involve changes to your existing lease and other legal work associated with your home and mortgage.

  • Is there a limit on how many times I can Staircase?

    Normally, you are permitted to staircase up to three times, and the third time will take you up to 100% ownership. The minimum shares you can buy is specified in your lease but will generally be around 10% or 20%, unless it is the final share which may be less than the minimum share to bring you up to 100%.

  • Are there any additional costs involved in staircasing I should know about?

    Yes, there are a few additional costs that the you will be expected to pay. You will need to cover the cost of having your home valued. Also, this valuation will expire after three months, so you must complete the staircasing in this period or risk having to start again.

    There will also be legal fees to consider, such as typical conveyancing fees as well as any additional legal and mortgage fees.

  • What are the funding options available to help me staircase my property?

    You can buy extra shares using either savings or with the help of a mortgage. If you decide upon a mortgage, then generally two options are open to you: a further advance or re-mortgaging.

  • Am I eligible for Shared Ownership?

    Find out whether you’re eligible via your local Help to Buy agent.

  • What is Shared Ownership?

    Shared Ownership is a government scheme that means you can buy between 25% and 75% of a property, whilst paying rent on the remaining share.

What our customers say

  • As a first-time buyer I'd had no experience before; I didn't know the difference between solicitors and conveyancers. But dealing with New Homes Law was easy, convenient and seamless.
  • The level of communication from New Homes Law was by far the best I've ever had with any company I've worked with. They were professional and transparent about everything.
  • I would definitely recommend New Homes Law. They were all approachable and friendly, and I was comfortable they would be able to deal with my transaction well.

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