What Is Shared Ownership?
For many people, shared ownership (also known as equity sharing) is a useful way of getting a foot on the property ladder. Through shared ownership you buy a share in a home (generally between 25 per cent and 75 per cent of the full value) and rent the rest until you have the funds in place to buy the remaining share.
There are many benefits to purchasing a home this way including low deposits which provide a great opportunity for first-time buyers and families with low incomes to take steps towards owning their own homes.
Who Qualifies For Equity Sharing Schemes?
Shared ownership housing schemes are mainly intended for individuals and families who cannot otherwise afford to buy a suitable home.
Some schemes are subject to local restrictions, so may only be open to residents of specific counties and boroughs, while others state that applicants must belong to a certain demographic such as first-time buyers, existing public sector tenants or serving military personnel.
How Irwin Mitchell Can Help
If you are considering an alternative route into home ownership, Irwin Mitchell have experience in all areas of property law. For a fixed fee, our friendly and specialist team will deal with all the legal aspects of buying a share in your home.
Providing specialist legal guidance for individual clients, we offer practical and straightforward advice and are committed to working with you to help you buy a share in your property.
Contact Us To Discuss A Shared Ownership Purchase
For expert advice on buying a home through a shared ownership scheme, contact our experienced conveyancing team. Call us 0370 1500 100 or send us an online enquiry.