Shared Ownership Schemes

Shared ownership schemes are provided through housing associations. You buy a share of your home (between 25% and 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 the home’s purchase price.

Shared ownership properties are always leasehold.

Eligibility

You can buy a home through shared ownership if:

  • your household earns £80,000 a year or less (£90,000 or less on London)
  • 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

Older people

If you’re aged 55 or over, you can get help from another HomeBuy scheme called ‘Older People’s Shared Ownership’.

It works in the same way as the general shared ownership scheme, but you can only buy up to 75% of your home. Once you own 75% you won’t have to pay rent on the remaining share.

People with disabilities

If you have a long-term disability, ‘Home Ownership for People with Long-Term Disabilities’ (HOLD) can help you buy any home that’s for sale on a shared ownership basis.

You can only apply for HOLD if the properties available in the other HomeBuy schemes don’t meet your needs, eg you need a ground-floor property. Your local HomeBuy agent can help you.

Buying more shares

You can buy more shares in your home any time after you become the owner. This is known as staircasing.

The cost of your new share will depend on how much your home is worth when you want to buy the share. If property prices in your area have gone up, you’ll pay more than for your first share. If your home has dropped in value, your new share will be cheaper.

The housing association will get the property valued and let you know the cost of your new share. You’ll have to pay the valuer’s fee.

Selling your home

If you own 100% of your home, you can sell it yourself. When you put it up for sale, the housing association has the right to buy the property back first. This is known as ‘first refusal’ and the housing association has this right for 21 years after you fully own the home.

If you own a share of your home, the housing association has the right to find a buyer for it.

Applying for a shared ownership scheme

To buy a home through a shared ownership scheme contact the HomeBuy agent in the area you want to live.

Get in touch

If you would like to know more about how our tailored services can best suit your needs, do not hesitate to get in touch. Although based in Greater Manchester, we can provide high-quality legal assistance to those who need it around the UK. Call us today on 0161 929 3086, or fill in the online contact form.

Testimonials

Read All >

Kind and courteous attention, combined with knowledge and expertise.

Mr & Mrs T

Excellent, friendly and efficient service. Would use again.

Mr G

Everything went smoothly and this is mainly due to the pleasant service, professionalism and helpfulness of Grace Kennedy who steered us through our LPA and wills update.

Mr and Mrs L

Grace was very professional and an asset to your company.

Mr P

Always good advice and easy to talk to.

Mrs A

So relieved to receive such good advice and feel like a weight has been lifted from my shoulders.

Ms S

We were delighted with all aspects of the service.

Mr L

We thank Grace, Marta Grzelak, Helen Green and Kasia for their help, support, commitment, and sometimes consolation – for empathy. We managed to overcome the language barrier and legal procedures. And everything was possible thanks to the wonderful Angels from the law firm.

Despite the fact that the administration has officially ended – you will all remain in our memories and hearts for a long time.

Ms H

First class service, advice and support from Michaela at Mchale & Co. Definitely recommend.

 

 

Mr N

A big thank you for Marta Grzelak.
Couldn’t have asked for more. I would not hesitate in recommending her to friends and family. A fantastic service all round.

Ms J

The legal advisor Zakkiya Azad was kind, patient and understanding at all times.

Mr L

Excellent, professional and caring. Michaela and her colleagues made the whole process very easy.

Ms A

Contact Us