Shared Ownership

Shared ownership schemes offer a low cost way to get on the home ownership ladder, for people with low incomes.

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The shared ownership lease between you and the housing association will set out your rights and responsibilities as a shared owner. Although you have not bought the property outright, you will have the normal rights and responsibilities of a full owner-occupier. In particular, you will normally be fully responsible for the cost of repair and maintenance to your home unless it is a flat where certain common parts may be the responsibility of the flat owners collectively through payments known as service charges.

Not all lenders will lend on shared ownership schemes so you may need to speak with an independent financial adviser regarding your individual requirements.
 
Shared ownership schemes are extremely complex when it comes to the legal formalities, leases and mortgage requirements. It is important that you choose a solicitor with experience in dealing with these types of property, such as Elliot Mather.