SHARED OWNERSHIP
“I have used KLR for numerous years on a variety of matters. They were very professional, gave great advice and were reasonably priced. I would highly recommend their services.”
Shared ownership provides a route for people who would otherwise struggle to finance the full purchase of a property to buy their own home. The government scheme provides help for the purchase of new build or pre-existing properties via resale programmes run by housing associations. Our Conveyancing Solicitors can provide expert legal advice on your shared ownership purchase and will ensure the transaction completes smoothly.
We hold a Conveyancing Quality Accreditation from the Law Society of England and Wales. Therefore, you can be confident that we have the expertise to deliver quality conveyancing advice, use a standardised process to recognise and reduce risk, and meet set expectations when providing conveyancing services.
Our property lawyers swiftly respond to client queries. Your phone calls and emails will be quickly returned/answered, and you will never be left wondering about the progress of your purchase.
What is shared ownership?
Shared ownership is a government-backed scheme that allows you to buy part of your home and pay rent on the rest. Purchasers buy between 25-75% of their home from a housing association and pay rent on the remaining share.
A deposit (normally 5%) is required; however, this is calculated on the portion of the home you purchase rather than the property’s full value. You will need to get a mortgage to pay for the rest of your share.
Via a process known as ‘staircasing’, you can purchase bigger shares of your home until you achieve 100% ownership. Another advantage of the scheme is that whilst you are paying rent to the housing association, they are responsible for any maintenance or repairs to the property.
Who is eligible to apply under the shared ownership scheme?
To qualify for shared ownership, you must:
- be a first-time buyer
- have owned a home before but cannot afford to buy one now
- be moving from one shared ownership property to another authority has agreed that the latter will take over the maintenance of the estate’s roads and footpaths
Your household income must be £80,000 or less per year (£90,000 or less if you live in London). Military personnel will be given priority over other groups. However, it is worth checking with your local council as some have additional priority groups depending on the housing needs in your area.
How we can help?
Our Conveyancers will ensure that your shared ownership transaction goes through as quickly and smoothly as possible, without compromising on the quality of the legal work required to protect your interests. Furthermore, we will advise you on obtaining a mortgage for your share of the property.
Our team can advise and represent you in all aspects of buying a shared ownership property. For a free consultation please call us on 0208 300 6666.
1 Hour Free Consultation
Sound legal advice is based on years of training, hard work, and passion, as well as familiarity with legislation and precedent and sound consideration. You’ll find all that and more at KLR Solicitors.
We are currently only taking on Family Law, Conveyancing, Immigration, Wills & Probate work.
If you are looking for Legal aid that can help meet the costs of legal advice, family mediation and representation in a court or tribunal, please go to this link first to check your eligibility on the Gov.uk website.
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Areas we cover: London, Kent, Bexleyheath, Chislehurst, Sidcup, Erith, Dartford, Enfield, Crayford, Bexley, Welling, Thamesmead, Woolwich, Abbeywood, Edmonton, Cheshunt, Tottenham and other areas.