Shared ownership offers an affordable route onto the property ladder, but the process is much more complex than a standard purchase. If you are considering shared ownership, it is important to fully understand your rights and obligations to ensure your agreement is fair and works in your best interest.
At Clifton Ingram, our specialist shared ownership conveyancing service provides clear, practical legal advice tailored to both first-time buyers and experienced homeowners. Whether you are buying, selling, staircasing, or remortgaging, we guide you through every step, ensuring a smooth transaction.
Our expert residential conveyancing solicitors will review your contract in detail, safeguarding you against hidden financial obligations and unnecessary delays. You will be supported by our expert residential conveyancing solicitors, who can advise on all aspects of property purchasing.
For immediate support, please contact our team, or you can read our FAQs to learn more about shared ownership.
Contact our solicitors for shared ownership in Farnham, Reading and Wokingham today
Our team work from offices in Farnham, Reading and Wokingham. We advise on shared ownership for individuals all over Berkshire, as well as Oxfordshire, Buckinghamshire, Surrey and further afield.
Speak to one of our solicitors for shared ownership today by calling 03003 035762 or 01252 986992 or using the contact form at the bottom of the page, and we will respond quickly.
Alternatively, you can talk to a member of our team now via our live web chat.
Why trust Clifton Ingram for shared ownership advice?
- One of the leading firms of solicitors in the Thames Valley and M3 corridor, through to Surrey and surrounding areas.
- Links to the region that can accelerate your property search and a network of trusted third parties.
- Regularly advising clients in Farnham, Reading and Wokingham and across all of Surrey, Berkshire and the surrounding areas, including Bracknell, Theale, Henley, Ascot, Crowthorne, Maidenhead, Windsor, Camberley, Aldershot and Farnborough.
- Lexcel accredited for our outstanding client care and management, a testament to our commitment to providing excellent legal services.
- Accredited by the Law Society Conveyancing Quality Scheme (CQS) for our expertise in residential conveyancing.
- Decades of expertise in guiding clients through shared ownership schemes.
- Experience in handling all aspects of residential transactions ranging from the everyday to the more complicated.
What is shared ownership?
Shared ownership is a government-backed scheme that allows individuals to purchase part of a property, usually between 25% and 75%, while paying rent on the remaining portion that is owned by a housing association.
Through shared ownership, you retain the option to increase your share over time through a process known as staircasing.
Do you need a solicitor for shared ownership?
If you are buying or selling a shared ownership property, it is advisable to instruct a specialist solicitor to review the terms.
Working with a solicitor for shared ownership will ensure that you meet all of the legal requirements and your interests are protected.
Our shared ownership solicitor’s services include:
- Buying a shared ownership property
- Selling a shared ownership property
- Staircasing a shared ownership property
- Remortgaging a shared ownership property
- Transfer of equity on a shared ownership property
Our shared ownership services
Buying a shared ownership property
If you are thinking about buying a shared ownership property, it is important to understand the unique legal and financial considerations involved, which can differ from a standard home purchase.
Our solicitors for shared ownership guide buyers through the shared ownership conveyancing process, ensuring compliance with third parties, such as housing association requirements and mortgage lender conditions.
We provide clear, practical advice on service charges, lease terms, and your long-term obligations so that you can make a fully informed decision.
Selling a shared ownership property
If you intend to sell your shared ownership home, following the correct process is important.
If you do go on to sell the property on the open market, then the property is often marketed as either selling your share or 100% of the ownership. If it sells for the 100% value then you will have to carry out the final staircasing of the property simultaneously with the sale.
It is important that any potential buyers are made aware of the fact that the property is currently held under a shared ownership lease because they will also need to instruct a specialist conveyancer who is familiar with shared ownership properties and final staircasing transactions.
Our shared ownership solicitors will manage the legal steps efficiently, including leaseholder obligations, and potential buyer eligibility checks.
Staircasing a shared ownership property
Staircasing is an opportunity to increase your ownership share in the home, reducing your rent payments and possibly achieving full ownership.
You must ensure that you do so in a way that is fully compliant with all housing association regulations.
We can liaise with lenders and housing providers, allowing you to make progress towards your goal without potential issues further down the line.
Remortgaging a shared ownership property
If you are considering remortgaging your shared ownership home, perhaps to release equity or secure a better deal, then we can provide all the legal support you will need.
Our solicitors for shared ownership will review your lease and liaise with lenders, as well as handle the important legal documents that you will need in the future. It is important that you instruct a solicitor who is familiar with shared ownership properties to deal with your remortgage. Mortgage companies have specific requirements which have to be followed and it is essential that these requirements are dealt with correctly. If you are exploring shared ownership as an option or would like to learn more about it, then we can advise on the extensive legal considerations so that you fully understand all of your options.
Transfer of Equity on a shared ownership property
Life circumstances sometimes change, such as divorce or meeting a new partner, and you may want to transfer your property into different names.
It is possible to transfer a shared ownership property, but you must obtain the consent of the housing association before doing so as they will need to consent to any changes that take place. Your solicitor will require their written consent to any changes being made.
Learn more about shared ownership
- What is the 45% rule for shared ownership?
- How long does shared ownership conveyancing take?
- How do you buy a shared ownership property?
- How do you sell a shared ownership property?
- How can you increase your share of a shared ownership property?
- Is Stamp Duty Land Tax payable?
What is the 45% rule for shared ownership?
The 45% rule is part of the mortgage lending criteria for shared ownership properties. Some lenders will require that at least 45% of an applicant’s income comes from permanent employment rather than freelance or variable sources.
This rule is an attempt to ensure stability for buyers using the scheme and that their commitment is truly affordable.
Some mortgage conditions vary, and it’s important to seek legal advice as there may be a way for you to move forward with varying income sources.
How long does shared ownership conveyancing take?
Typically, the shared ownership process takes around 12 to 18 weeks, although this can vary depending on complications and third party factors such as housing association approvals, mortgage arrangements, and leasehold complexities.
Our solicitors will anticipate delays and communicate with other parties to move your transaction forward.
How do you buy a shared ownership property?
Buying a shared ownership home involves several key steps that your solicitor can guide you through. These include:
- Checking your eligibility for a shared ownership scheme.
- Finding a suitable property through property portals or a housing association.
- Securing a mortgage for the share you wish to purchase.
- Paying the reservation fee, if necessary.
- Legal checks and contract reviews with the housing association.
- Exchange of contracts and completion of purchase.
How do you sell a shared ownership property?
Selling a shared ownership home involves informing your housing association, which may potentially exercise the right to find a buyer before you can list the property on the open market. You are advised to speak to a specialist solicitor before you begin the selling process to ensure that you do not miss out on an opportunity.
How can you increase your share of a shared ownership property?
You can secure additional shares in your shared ownership home through a process called staircasing. This process involves:
- Checking your lease to confirm staircasing is allowed.
- Getting a property valuation from a RICS-qualified surveyor.
- Instructing a solicitor who can review your circumstances and advise on viability.
- Securing the necessary financing to complete the purchase of shares.
- Receiving approval from the housing association.
- Legal and financial checks.
- Exchange of contracts and the update of your mortgage.
Is Stamp Duty Land Tax payable?
Sometimes, Stamp Duty Land Tax (SDLT) is payable on a shared ownership property. Stamp Duty is more complex than standard property matters as is assessed on a case by case basis and has different implications depending on whether you are buying or staircasing.
There are also different options you can choose when you buy a new build property. Each situation needs to be fully assessed, and it is important that you instruct a solicitor with this specialist knowledge.
Our solicitors can advise on SDLT to help you understand your financial obligations in full.
Contact our Solicitors for Shared Ownership in Farnham, Reading and Wokingham today
Our team work from offices in Farnham, Reading and Wokingham. We advise on shared ownership for individuals all over Surrey and Berkshire, as well as Oxfordshire, Buckinghamshire and further afield.
Speak to one of our solicitors for shared ownership today by calling 03003 035762 or 01252 986992 or using the contact form at the bottom of the page, and we will respond quickly.
Alternatively, you can talk to a member of our team now via our .