Shared Ownership

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Shared ownership is a Government backed scheme which enables first time buyers to get on the mortgage ladder by buying a part of a house or flat and renting the other part form the Housing Association or other provider.  Most buyers require a minimum of 25% but some buy up to 75% at the outset.  This purchase is normally funded from a purchasers own resources or with a mortgage from a bank or building society.    


In every shared ownership lease a buyer is entitled to purchase other additional shares of the property after he or she has owned it for 1 year.  The property does have to be revalued and the share is calculated at current market values.  This is known as 'staircasing'.  In most circumstances if additional shares are purchased the rent to the Housing Association is reduced to reflect the increased ownership of the purchaser. 


Most shared ownership schemes allow purchasers to purchase up to 100% of the property so that in time they become full owners of the whole interest in the house.


Sarginsons Law have been dealing with shared ownership acquisitions from the time they were first introduced by the Government in the 1970's. 



23rd February 2019

Sarginsons Law