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Shared Ownership Sales and Purchases
Shared ownership schemes are provided through the Housing Association and provide an alternative way for individuals to enter the property market. At Judge & Priestley Solicitors, our property solicitors have a wealth of experience in dealing with shared ownership transactions and will provide practical advice and guide you through the process in an approachable, friendly manner.
The Definition of Shared Ownership
Shared ownership is an affordable housing scheme run by the Housing Association. If your household income is £66,000 or less (in London this figure rises to £64,300 or less for a 1-2 bedroom and £80,000 or less for a 3 or more bedroom property), you are a first time buyer and rent a council or Housing Association property, you may be eligible for the scheme.
Shared ownership allows you to purchase between 25-75% of a shared ownership property and you only need a deposit and a mortgage for the share you are investing in. You then pay rent to the Housing Association on the remaining share of the property.
As time goes on you can purchase greater equity in the property. This is known as staircasing.
Renovations to the Property
If you chose to enter a shared ownership scheme you can make basic changes such as putting up shelves and re-painting. If you wish to make major structural changes, such as knocking through a wall, you may need permission from your Housing Association.
Selling the Property
In order to sell your shared ownership property, you must first notify your housing provider of your intentions. They then have eight weeks to sell your home and if they are successful, they will charge you an administrative fee. It is important to be clear about the fee upfront, before the provider begins the process of selling the house.
If your housing provider cannot find a buyer for the property within eight weeks, you will have the option to sell the property privately or through an estate agent.
Let us guide you through the process of shared ownership by filling in our contact form or phoning us on 020 8290 0333.