Buying & selling shared ownership properties
It’s best to have specialist solicitors handling the transaction.
Shared ownership schemes enable purchasers to buy a new or existing home from a housing association. You purchase the maximum share in the property that you can afford (minimum 25%) and pay rent to the housing association on the remaining share which they retain. Properties can be brand new (where you are granted a new lease by the housing association) or sold by existing shared owners (where you will take an assignment or transfer of an existing lease).
“Thank you very much for providing this quote so quickly. I am phoning around a few different solicitors at the moment but this looks like a good price.” (London purchase)
Join us at London’s No1. first time buyer even at the Queen Elizabeth II Centre, Westminster.
If you’re a first time buyer looking for help to get on the property ladder, join us at the London Home Show Spring 2018 on Saturday 3rd March 2018. The London Home Show, supported by the Mayor of London, is the major event for first time buyers in London and attending the event is the best way to get all the latest information on the affordable home ownership market in the capital.
The London Home Show is FREE to attend. It takes place at the Queen Elizabeth II Centre, Westminster, from 10am-5pm.
Shared ownership schemes
Shared ownership schemes are provided through housing associations. You buy a share of your home (25% to 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 purchase price.
Shared ownership properties are always leasehold.
“Your service is excellent and I will recommend you to everyone I know who needs conveyancing and will definitely use your service again in the future.” (Walton-on-Thames sale + Surbiton freehold purchase)
Eligibility
You can buy a home through shared ownership if:
- your household earns £60,000 a year or less (or £71,000 a year or less in London for a 1 or 2 bedroom property, or £85,000 a year or less in London for a 3 or more bedroom property)
- you’re a first-time buyer (or you used to own a home, but can’t afford to buy one now)
- you rent a council or housing association property
FIRST STEPS London properties
First Steps offers a range of housing options to Londoners who cannot afford to get a foot on the housing ladder. These are provided by a range of housing associations and household named builders building new homes in the capital.
In London the Mayor of London has created an affordable home ownership programme known as FIRST STEPS . The scheme is designed to enable more Londoners to become home owners. The First Steps website provides a gateway to affordable home ownership options in London.
FIRST STEPS is the Mayor of London’s brand to promote low cost home ownership throughout Greater London. Specialist property portal www.sharetobuy.com delivers FIRST STEPS in partnership with the Greater London Authority and all the properties available to purchase through the scheme can be found at www.sharetobuy.com/firststeps.
“I have been very impressed with your knowledge, straightforward approach and quick response to emails so would be happy to instruct you in the sale of my shared ownership property.” (London)
“You’ve provided an excellent service and I’ve already recommended you to my friend.” (staircasing Islington & Shorditch)
“We have been in touch with various solicitors and we believe that your firm offers the best value” (London)
