There are a number of ways to help people get onto the property market. Shared Ownership schemes are usually provided by housing associations or private developers and they allow homeowners to purchase a stake in a property, so they own part of the property and rent the remaining part.
All schemes will differ and have different restrictions, costs and processes involved. Many schemes are a helpful way of getting a foot onto the property ladder and will allow you purchase a higher percentage of the property later down the line, referred to as ‘staircasing’.
If you are looking for a more affordable way to become a homeowner then this could be a good option for you. There are some complications and pitfalls to be aware of, so it is crucial to instruct a solicitor that understands shared ownership schemes.
For more information about purchasing via a shared ownership scheme, please contact us.