Shared Ownership Solicitors
Buying a shared ownership property can be a fantastic way to take your first step onto the property ladder, and our trained solicitors at Fitzhugh Gates are here to help.
Why Shared Ownership is a Great Option
Shared ownership comes with plenty of benefits, especially for first-time buyers or those looking for a fresh start:
- Instead of buying the entire property, you purchase a share of it (usually between 25% and 75%).
- The deposit you need is much smaller compared to buying outright.
- Over time, it’s usually possible to buy a greater share in the property and eventually own it outright.
- Most shared ownership schemes are regulated by the Homes & Communities Agency, which means properties often meet high standards for space and energy efficiency.
- Shared ownership isn’t just for new builds; you can also buy existing homes or properties suited to specific needs.
Things to Keep in Mind
As with any property purchase, shared ownership comes with its own set of considerations. A skilled conveyancing solicitor is there to help you navigate the finer details, such as:
- Paying rent on the portion of the property you don’t own (usually at a subsidised rate).
- Covering any building costs, such as service charges or repairs.
- Any restrictions that are in place on selling your share of the property – sometimes, you’ll need permission or must sell through the Housing Association rather than an estate agent, which you will need to be aware of.
If you’re thinking about shared ownership, our expert conveyancing Solicitors will walk you through the process so you’re confident it’s the right choice for you.
Are You Eligible for Shared Ownership?
Not everyone is automatically eligible for shared ownership. You may qualify if:
- Your household income is £80,000 or less annually (£90,000 in London).
- You do not already own another home in the UK or overseas.
- You can prove you have enough in savings to cover both the conveyancing fees and mortgage arrangement.
Plus, you’ll need to meet one of these criteria:
- You’re a first-time buyer.
- You’ve owned a home in the past but can’t afford one now.
- You’re forming a new household.
- You’re an existing shared owner but now looking to move.
- Your current home is no longer fit to serve your needs, but you can’t afford a more suitable alternative.
How the Process Works
- Check Your Eligibility – Contact a shared ownership association to confirm you qualify.
- View Properties – Arrange viewings and choose a home you love.
- Reserve Your Home – Pay a small reservation fee (deducted from your deposit or refunded if the purchase doesn’t go through).
- Hire a Conveyancer – Work with a solicitor to handle the legal side of buying your share, paying deposits, and completing the transaction.
Why Choose Fitzhugh Gates as Your Shared Ownership Solicitors?
Shared ownership agreements can be tricky, but we’re here to make the process simple and stress-free.
Here’s how we help:
- We ensure your contracts, mortgage offers, and tax returns meet shared ownership scheme rules.
- You’ll get clear and prompt advice on every part of the process.
- Our fixed-fee conveyancing means no hidden surprises along the way.
- We’re members of the Law Society’s Conveyancing Quality Scheme, so you know you’re in good hands.
With 200 years of experience, we’ve helped individuals and Housing Associations across the South East and London with shared ownership purchases, new-build transactions, and buying additional shares (also known as ‘staircasing’).
Get an instant quote
For an estimate of your solicitors fees for buying, selling or remortgaging your property, use our instant quote tool.
Get in Touch
At Fitzhugh Gates, our team provides quick, transparent quotes for your shared ownership transaction queries. If you choose to partner with us, from start to finish, we’ll keep you informed every step of the way.
Visit our Shoreham-on-Sea office, contact us today.
