Shared Ownership

Shared ownership offers a path to home ownership, but it can be more complex than a standard purchase.

With one of the largest teams of conveyancers in the UK, thousands of reviews from clients and a highly sophisticated and modern service system to keep clients informed at all times, we are a reliable and all round great choice for buying a property under the Shared Ownership Scheme.

Eligibility basics

Typically first-time buyers, those who previously owned but can't afford to now, or current shared ownership owners looking to move. Your combined household income must be less than £80,000 per year (£90,000 in London).

The Shared Ownership Conveyancing Process

• Memorandum of Sale: The housing provider sends your solicitor a document outlining the purchase details.

• Drafting and Exchanging Contracts: Your solicitor drafts an initial contract and negotiates with the housing provider. Once agreed, exchanging contracts creates a legally binding agreement.

• Completion Date: The housing provider sets a completion date for the sale's finalisation.

• Completion: Your solicitor handles the financial exchange, and you become the legal owner.

• Collecting Keys: Once the transaction is complete, you can collect your keys from the housing provider.

How long does it take?

Shared ownership conveyancing usually takes around two months, but this can vary depending on factors like mortgage arrangements and unforeseen complications.

Is Stamp Duty Land Tax (SDLT) payable?

The rules for SDLT on shared ownership can be confusing. Our solicitors provide clear guidance so you can make informed decisions. Since 2018, first-time buyers in England and Northern Ireland may be exempt from SDLT on the first £300,000 of a property costing up to £500,000. We can also advise on reclaiming previously paid SDLT if applicable.

Selling a Shared Ownership Property

You can sell your shared ownership property in two ways:

• Sell the share you own.

• Buy the remaining share from the housing association and sell the entire property (sometimes done simultaneously).

We can advise you on the best approach to maximise your profit when selling.