Stirling Ackroyd Legal are experienced in acting for both individuals and Housing Associations who can ensure the correct procedures are followed and advise you on the requirements in shared ownership or equity.
What is shared ownership?
Shared ownerships are schemes that are normally run by either housing associations or social landlords. It essentially means you are purchasing between 25 to 75% of the total value of the property. Once calculated, you then end up paying rent on the remaining share.
Popular for those wanting to get on the property ladder
Shared ownership is a popular decision for those that are unable to afford the full value of the property and/or pay a full term’s rent. This essentially offers better flexibility dependent on your position. You are then able to buy the remaining share of the property through a process called ‘staircasing’. You will be required to carry out the legal work every time you purchase part of the full remaining share of the property.
Eligibility for Shared Ownership
Generally, you will have to go through a screening process to check that you are eligible to purchase a shared ownership property. If you would like more information on whether this option is right for you, feel free to contact our team.
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