Shared ownership was introduced in the early 1980s to help people who are in housing need and cannot afford to buy a home outright. Priority will normally be given to existing local authority tenants; those on local authority waiting lists; key workers (for example, nurses and teachers), and other first time buyers (with a combined household income of up to £60, 000 per year who are unable to purchase a home without assistance). At present, there are approximately 111, 000 shared ownership properties which together constitute the largest form of low cost home ownership after the Right-to-Buy. Government funding for the shared ownership development programme currently provides around 18, 000 homes each year.
More information about shared ownership is available from the Homes and Communities Agency, local authorities or housing associations. You can contact the Homes and Communities Agency on 0300 1234 500 or visit their website at: www.homesandcommunities.co.uk.
When purchasing into shared ownership, conveyancing works a little differently from non shared ownership conveyancing so it is always a good idea to get a few quotes, that way you can better gauge the market. You could consider using a comparison service to find shared ownership conveyancing quotes.
If you are contemplating purchasing on a shared ownership scheme and need a conveyancing lawyer, Fridaysmove would be happy for you to talk ( free of charge ) to one of our specialist shared ownership conveyancing lawyers who will assist you with your shared ownership conveyancing.