Shared Ownership Leases

Owning a shared ownership property is a great way for first time buyers to get onto the property ladder. They can help if your income isn’t quite enough to purchase the whole property. They are usually purchased from Housing Associations and sometimes from Local Authorities.

It is very much like owing a leasehold property except that you own a percentage of it and pay a rent on the rest. The amount that you own is very much up to you.

The documentation has to be quite detailed as it has to contain provisions such as an option to purchase additional shares (known as staircasing), details about how the rent can increase etc. Mortgage funding can be more limited than when purchasing a “usual” property as some lenders do not lend on these types of property. Those lenders that do lend have stricter legal terms to comply with.

We at Hewetts have built up experience in dealing with shared ownership leases over many years and we will guide you through the whole shared ownership purchase process.