Shared Ownership

With property prices still high for many, one option is to purchase a shared ownership property.  With shared ownership properties, a buyer will purchase a percentage of the property (ie, 40%) and then lease the remainder of the property (ie, 60%) from the housing association.  Buyers can then acquire a higher percentage of the property at a later date (known as staircasing).

When considering this option, it needs to be borne in mind that, in addition to your mortgage payments, there will be rent to pay as you will be leasing the unacquired share from the housing association.  There can also be various restrictions contained within the shared ownership lease in terms of altering the property, for example, and you may have to obtain consent from the housing association prior to being able to sell the property in the future.

However, there are many advantages to purchasing a shared ownership property which include a buyer being able to take that first step onto the property ladder, having a lower mortgage and potentially being able to purchase a larger property than would otherwise be affordable.

For further information, please contact us. Our conveyancing solicitors are here to help.

Nicola Cawthorne is a property executive in the property team at Barker Gotelee Solicitors.

Property Solicitors Ipswich – for more information on our range of legal services, please call the team on 01473 611211 or email [email protected]