Shared Ownership Made Simple
Specialist support for buying or staircasing your Shared Ownership home, from housing association liaison to lease requirements and beyond.
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What Is Shared Ownership?
Shared ownership is a government-backed scheme that lets you buy a share of a property, typically between 10% and 75%, while paying rent on the remaining share to a housing provider. It’s designed to make homeownership more affordable, particularly for first-time buyers, by lowering the deposit and mortgage needed to get started.
Who Is Eligible?
Shared ownership is designed for those who need a helping hand onto the property ladder. The scheme is primarily aimed at first-time buyers, though former homeowners who can no longer afford to buy on the open market may also qualify. Your annual household income must not exceed £80,000, or £90,000 if you’re buying in London, and you’ll need to show that buying a home suited to your needs isn’t achievable through a standard mortgage. You must not own another property, in the UK or overseas, at the time you complete your purchase, and you’ll usually need to be a British or EU citizen, or hold the right to remain in the UK, and be over 18 if applying for a mortgage.
Not sure if you qualify? Our specialist Shared Ownership team can talk you through the eligibility criteria and help you understand your options.
What Are the Benefits?
Affordable entry to homeownership
You pay a mortgage only on the share you own, and rent on the remaining portion.
Smaller mortgage
Buying a portion of the property keeps your monthly costs lower.
Long-term financial gains
If property prices rise, the value of your share increases, helping you build equity over time.
Flexibility to buy more shares
increase your ownership through staircasing whenever you're ready.
Accessible for first-time buyers
Shared Ownership makes stepping onto the property ladder achievable sooner than a full purchase.
Support throughout the process
With expert guidance, buying through shared ownership is straightforward and stress-free.
How Does Staircasing Work?
Staircasing lets you buy additional shares in your property over time, gradually increasing your ownership until you own it outright. While the process involves a few practical steps, like a property valuation and updating your mortgage and rent, our specialist team handles the detail, so increasing your share stays simple and stress-free.
What About Rent?
Your rent is reviewed periodically, usually once a year, so you always know what to expect and can budget with confidence. Your specialist conveyancer will explain exactly how this works from the outset, so there are no surprises down the line.
Why You Need a Specialist Conveyancer?
Shared ownership is more complex than a standard property purchase due to its legal and contractual structure. You’re not just buying a property, you’re entering into a shared ownership lease with a housing provider, which introduces additional considerations:
Leases and legal agreements – shared ownership contracts set out the terms of ownership, rent, service charges, and your rights as a part-owner. Understanding these from the outset is essential.
Housing association rules – each housing provider has its own requirements and processes, which can affect timelines, mortgage approvals, and staircasing.
Many shared ownership purchasers are first-time buyers, new to the process and eager to own their first home. Our specialist Shared Ownership team ensures every client understands the roadmap, from securing a mortgage, through leases, to completion, staying in close contact throughout so you always know what’s happening and what’s coming next.
Why Choose PLS?
Shared ownership requires specialist legal expertise, and that’s exactly what we deliver, combining deep knowledge of shared ownership and new build conveyancing with clear, practical guidance tailored to first-time buyers.
We take the time to explain every step, cutting through legal jargon so you always understand what’s happening. Our PLS 24/7 client portal lets you track your case, upload documents, and stay informed around the clock, giving you full transparency throughout your move. We focus on making shared ownership transactions as smooth and stress-free as possible, so you can move forward with confidence.
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Frequently Asked Questions
Explore our FAQs for Shared Ownership Conveyancing!
Can I sell a shared ownership property?
Yes, though the process involves the housing association, who is usually given a set period to try to find a buyer for your share before you can market it on the open market. Your specialist Shared Ownership team can talk you through the specifics of your lease.
Do I need the housing association's permission to remortgage?
In most cases, yes. Because you don’t own the whole property, your housing provider is typically involved in remortgaging alongside your lender, and their consent may be required.
Is shared ownership only available on new build properties?
No. While it’s most common on new build developments, resale shared ownership properties, where a previous owner is selling their share, are also widely available.
What happens to my rent if I staircase to a higher share?
As your ownership share increases, the rent you pay on the remaining share reduces proportionally. Your conveyancer will confirm the updated figures as part of the staircasing process.
