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ARTICLE · 27 JUNE 2024

Advantages Of Shared Ownership Properties

WSP Solicitors
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Shared ownership, a government scheme, helps individuals buy a property share while paying rent on the rest to a housing association. This leasehold arrangement allows incremental ownership increases, with associated costs for deposits, legal fees, and potential service charges.

United KingdomReal Estate and Construction
WSP Solicitors
WSP Solicitors

Shared ownership is a government scheme that helps people buy a share of a property and pay rent on the rest, making it easier to afford a home. These properties are always leasehold and managed by housing associations. Leanne Cooper, a conveyancer in our Residential Conveyancing Department, shares her expert insights into shared ownership.

What is shared ownership?

Shared ownership properties can be a house or a flat. The properties are always leasehold. Shared Ownership is a government scheme that offer people the chance to buy a share of a property from a housing association who are the freehold owners of the property and known as the landlord. If you buy a property through the shared ownership scheme you buy a share of the property and then pay rent to the landlord for the share you don't own. This allows people to get on the property ladder if they cannot afford to purchase a property at the full market value.

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