The shared ownership scheme has been set up to help individuals and families take the first step on the property ladder. The scheme enables a buyer to purchase a share of between 25% – 75% of the property and pay rent for the remaining share. The remaining share would remain in the ownership of the seller which is usually a housing association.
Shared ownership properties are always leasehold properties and the requirements for eligibility are as follows:
During your ownership of the property, you can purchase more shares in the property and this is often referred to as staircasing. The value of the additional share will depend on the value of the property at the time. The housing association will arrange for the property to be valued and confirm to you the cost of the new share. You will need to pay the valuer’s fees. Stamp Duty payments may become payable but your legal advisor will be able to advise you further depending on your circumstances.
If you own a share in the property and wish to sell the property, the housing association has the right of ‘first refusal’ which means they have a right to buy it first before the property is offered to anyone else. If you own 100% of your home, you can sell it yourself.
We are very familiar with the shared ownership scheme process at Sheltons and our Property team will be more than happy to guide you through the process.
To get the ball rolling with shared ownership, complete our online conveyancing enquiry form.
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