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Shared ownership schemes are usually provided by housing associations or private developers and allow you to obtain a stake in a property. The details, costs and restrictions involved vary by provider but in essence shared ownership schemes allow buyers who meet certain criteria to buy a stake (%) in a property, while paying rent on the remaining share to the housing association or private developer that own the building. You should be able to buy more of the property by “staircasing” i.e. increasing your share and in turn reducing your rent.

 

Such schemes enable you to get on to the property ladder more quickly than you might if you wanted to buy a property outright and it may be cheaper than renting but as with all attempts to enter the property market you need to apply some caution.

 

Please speak to our team for further information.

Key Contacts

Sheena Aston

Head of Property Law Team

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