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Shared ownership

 If you don’t have enough money saved up or coming in for a full deposit and mortgage, shared ownership is a flexible way to build up equity in a property which you co-own with the housing provider.

Shared ownership lets you buy part of your house from a social landlord or housing association and then pay rent on the rest.

You can buy an initial stake in a shared ownership home between 25% and 75% of its value, with the option to buy a larger share later – known as ‘staircasing’. Most people pay for their share by taking out a shared ownership mortgage, but you can also use savings to purchase equity.

To be eligible for shared ownership, you must:

  • Have household income less than £80,000
  • Not currently own a property, although you are allowed to have owned one in the past

Shared ownership properties are always leasehold rather than freehold – your solicitor will be able to advise you on the implications of this as well as perform the necessary checks to ensure the terms of the leasehold don’t disadvantage you.

Our expert property solicitors in Bristol have plenty of experience in dealing with shared ownership transactions, as well as related areas such as leasehold properties and Help to Buy.

Further information

For a free quote, complete our short form. Our charges are transparent and we quote for all fees and disbursements up front, meaning that you’ll understand the full extent of your conveyancing charges from the very start.

Alternatively call us on 0117 325 2929 or complete our online enquiry form.

 

 

 

 

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