Shared Ownership of a Property

Shared ownership can be a fantastic option for some people to get on the property ladder, often allowing them to purchase their first property much sooner than more traditional methods. Shared ownership involves buying a share of your home (between 25% and 75% of the home’s total value) and paying rent on the remaining share, taking out a mortgage to pay for your share of the property’s purchase price. Shared ownership homes are usually purchased from a Housing Association.

There are a wide variety of shared ownership schemes available, all of which share common features, such as the buyer paying a reduced percentage share of the property. Many of these schemes often have quite complex terms and conditions, however, and not all mortgage lenders offer mortgages for shared ownership properties.

If you are considering buying a shared ownership home, our residential property team here at PDA Law can give you expert advice on all matters of conveyancing, including transfers of equity and exchange of contracts, through to more specific issues regarding shared ownership homes, such as all the various schemes and mortgage options available. Our team have extensive experience of transferring property throughout the entire Chester area.

To talk to a member of our residential property team, contact PDA Law today on 01244 757325. Alternatively, fill out our online contact form and we will be in touch at a time that is convenient for you.