Shared ownership solicitors

What is shared ownership and who is it for?

Shared ownership allows you to buy a percentage of a property, usually through a mortgage, while paying rent on the remaining amount. In the future, you’ll then have the option to buy more shares in the property, generally leading up to ownership. But who is shared ownership good for?

• First time buyers may benefit from entering into a shared ownership. It’s a great way to get on the property ladder for those who may not be able to afford a deposit or to buy a property directly and it’s an easier way to manage financially, rather than buying a whole property.
• There are also times when shared ownership may benefit existing homeowners. If you’ve owned a home in the past but can’t afford to buy again, shared ownership can be a realistic path.

If you’d like to look into shared ownership but aren’t sure if you qualify, your chosen housing association should be able to confirm whether you’re eligible.

What’s the process for shared ownership?

There are several stages when it comes to shared ownership, but it’s important to note that each case is different. Some transactions may vary slightly depending on several factors, like your unique situation, but generally, this is the structure that shared ownership takes on:

1. The first stage is finding a shared ownership property that you’re happy with. The housing association will agree the percentage with you. This can be between 10% and 75% of the full price of the property.
2. Getting an experienced solicitor is usually the next step. They will handle the legal side of your purchase, such as reviewing documents and advising on next steps.
3. Your solicitor will review the lease that has been set out. You will own your property for a set amount of time, as shared ownership properties are sold on a ‘leasehold basis’.
4. Your solicitor will conduct property checks and searches for you. You can raise any questions you have that are targeted toward the housing association at this stage also.
5. If you decide to buy your property with a mortgage, your chosen lender will have to approve the property and lease terms.
6. Once checks are completed and agreed by both parties, contract exchanges will occur. Now the transaction is legally binding.
7. Any remaining funds are transferred, and you can finally call the property your own. Your solicitor will notify the housing association, and any relevant paperwork will be put in place.
8. Your solicitor will register your ownership with Land Registry, which is an important step in ensuring your legal ownership is official.

At FJG, our solicitors are always on hand throughout the process to support you and answer any questions you may have. Our top priority is ensuring your shared ownership transaction is as straightforward as possible.

How can Fisher Jones Greenwood help with my shared ownership transaction?

Our conveyancing solicitors have a breadth of experience handling shared ownership transactions, whether you’re stepping onto the property ladder for the first time or managing an existing agreement.

Here are some ways we can help with your transaction:

• We’ll be able to handle the legal side that goes into shared ownership, such as reviewing the lease, raising enquiries and questions with your housing association and speaking to any relevant stakeholders, such as mortgage lenders.
• If you decide to purchase more shares of your property, we can support you through the staircasing process, as well as update your title with the Land Registry and gain consent from the housing association.
• Looking to remortgage? We can manage the legalities of securing the new mortgage.
• Selling your shared ownership property is something we can help with, too. We’ll manage the process for you.
• We can advise on lease extensions and whether it’s the right thing to do, in the event of your existing lease getting short.

Our shared ownership solicitors are always ready to assist you, no matter what stage of the process you’re at. Contact us today on 0845 543 5700 or complete our online enquiry form.

Why Choose FJG as your Shared Ownership Solicitors?

Having the right solicitor by your side is going to make the transaction smoother. We’re recognised for our knowledge and client-focused approach, putting your case first.

Local knowledge: we have offices across Essex and in London, with our team living and breathing the areas that you know and love. We can also help if your property is further afield.

Recognised legal talent: FJG are ranked in the Legal 500 and Chambers and Partners, reflecting the quality that we give to each of our clients.

Specialist experience: no two cases are the same. We’ll always take the time to learn your transaction details fully, ensuring we get a clear picture of what we’re working with. Decades of experience means we have extensive knowledge of conveyancing topics, like shared ownership, so you can rely on us to assist with your case.