For those struggling to afford their own home shared ownership schemes can provide a more realistic way to get on the property ladder.
These schemes are generally run by registered social landlords (RSLs) or housing associations (HAs) – but are also run by some private developers – and allow you to buy a share of the property with a mortgage and pay rent on the remaining share. You can increase your share over time in a process known as ‘staircasing’ until you eventually own 100% of the equity.
Many of these schemes are more complicated legally than a straightforward house purchase so it is important that you instruct a solicitor who understands the process and can handle your transaction expertly.
Our residential conveyancing department have dealt with many shared ownership purchases and would be delighted to help you get on the property ladder.
For further information, please visit the Residential Conveyancing landing page here or call 0191 281 6151 to speak to a member of the team.
For trusted advice on any residential property matter, contact:
Associate, Head of Residential Conveyancing
T: 0191 212 firstname.lastname@example.org