How can we help?

The Wellers team includes a number of specialist conveyancers who deal with shared ownership property conveyancing. Our experience means we offer a practical, proactive service at affordable cost. Our experience enable us to guide first time buyers in understanding the important aspects of shared ownership which may not be obvious, especially when clients who have been accepted are understandably so excited at the prospect of buying their first property.

How it works

Those qualifying for shared ownership schemes were generally existing registered social landlords and local authority tenants. There are a number of shared ownership schemes available including government backed schemes and details can be found here

Shared ownership allows you to buy a share (typically between 25% and 75%) of a property in England and pay rent on the remaining portion to a housing association.

The process

• Find a Shared Ownership Property: Browse listings with participating housing associations or estate agents.
• Get Pre-approved for a Mortgage: You’ll need a mortgage for the share you’re purchasing.
• Make an Offer: Once you find a suitable property, submit an offer through a solicitor.
• Legal Checks and Completion: solicitor handles legal checks and ensures a smooth completion process.

What are the potential advantages and disadvantages

• Lower Deposit: Requires a smaller deposit compared to buying outright, making it easier to get on the property ladder.
• Affordable Monthly Payments: You only pay a mortgage on the share you own, making monthly costs lower than a full purchase.
• Potential to Increase Ownership (Staircasing): You can gradually increase your ownership by buying additional shares from the housing association (called staircasing).
• Shared Ownership Restrictions: You’ll need permission from the housing association for alterations and selling the property.
• Rent on Un-Owned Share: You’ll pay rent on the portion you don’t own, which could limit your ability to save for staircasing.
• Limited Property Choice: Availability of shared ownership properties might be lower than the open market.
• Potential Market Value Fluctuations: If the property value increases, the cost of staircasing rises proportionally.

Help to Buy and Shared Ownership

Shared Ownership is part of the government’s Help to Buy programme along with Help to Buy Equity Loans. Shared Ownership enables a buyer or buyers (usually a first-time buyer) to purchase a proportion of a house or flat from a social landlord or housing association and pay rent on the part they do not own.

Help to Buy Equity Loans involve the government lending the buyer a percentage (up to 20%) of the cost of a new-build home. The buyer must provide a minimum 5% deposit and get a mortgage for 75% of the total property value.

Expertise in cross-border/overseas purchases – particularly US to the EU

Our residential property lawyers in London, Kent and Surrey also bring international legal expertise to assist in all legal matters associated with property transactions that involve the buying or selling of residential property in cross-border circumstances, particularly those that involve the United States or European Union member states.

We can assist with full due diligence checks and have significant knowledge and resources to negotiate the numerous hurdles which may be encountered during an overseas property transaction dealing with multiple jurisdictions.