Shared ownership allows you to buy a property without having to fund the entire purchase. In most cases, a share of between 25% and 75% of the property is purchased with an option to buy further shares, known as “staircasing”, until the property is owned outright.
The exception to this is when a property is located in a Rural Designated Area when only 80% of the property value may be purchased. This is to ensure that houses remain within the shared property scheme. Once 100% staircasing has occurred, a leasehold property will be held under the original lease but the shared ownership provisions will no longer apply. There is a 21-year restriction on the disposal of shared ownership property, meaning that the house or flat cannot be sold for 21 years after 100% straircasing is effective.
The law and procedures relating to shared ownership are complex; it is highly recommended that you work with a firm that specialises in this area. The Residential Conveyancing Solicitors at Wilford Smith have many years experience acting on behalf of shared owners and shared ownership providers, and can advise on all matters concerning eligibility, buying and selling of shared ownership properties. We have a strong track record in assisting clients involved in shared ownership transactions.
Contact our Residential Conveyancing Solicitors, Sheffield
Our Shared Ownership Experts are based in Sheffield and advise and represent clients throughout England and Wales. Find out more information on our fees here. Contact us today on 01709 828 044 to find out how we can help.