The demand for home ownership in the housing market has been on the rise, offering an alternative path to homeownership for many individuals. Recognising the need for better-informed decisions in this complex process is a significant development that has taken place with the establishment of the New Shared Ownership Council. This council aims to empower people seeking shared ownership, ensuring they have the knowledge needed to navigate this unique homeownership opportunity. In this blog post, we will delve into the role of the New Shared Ownership Council and how it contributes to a more informed homebuying experience, we will also highlight how Attwells solicitors will be your guide through the conveyancing process.
Shared ownership has become an increasingly popular option for those looking to step onto the property ladder. This scheme allows individuals to purchase a share of a property while paying rent on the remaining portion. It’s commonly used when individuals don’t have enough deposit for their desired property and so this gives them the option to live where they want. The remaining share of the property can be bought at a later date this is known as staircasing. The New Shared Ownership Council recognises the unique challenges and complexities associated with this arrangement and seeks to address them proactively.
Homes you can buy through shared ownership
You can buy:
- a new-build home
- an existing home through a shared ownership resale scheme
- a home that meets your specific needs, if you have a long-term disability – for example, a ground-floor flat
Shared ownership homes are offered by housing associations, local councils, and other organisations. They are called ‘providers’ or the landlord.
All shared ownership homes (houses and flats) are leasehold properties.
The New Shared Ownership Council signals a commitment to improving the overall experience for individuals engaging in shared ownership. One of the key aspects of its role is to ensure that potential homebuyers are well-informed about the intricacies of shared ownership. This involves providing accessible information, clarifying terms, and simplifying the legalities associated with shared ownership transactions. Younger people are the main potential buyers of shared ownership as they may not have the ability to save the amount needed for a deposit and so the shared ownership council wants to make their process as easy as possible.
Who can apply?
You can buy a home through shared ownership if both of the following are true:
- your household income is £80,000 a year or less (£90,000 a year or less in London)
- you cannot afford all of the deposit and mortgage payments for a home that meets your needs
One of the following must also be true:
- you’re a first-time buyer
- you used to own a home but cannot afford to buy one now
- you’re forming a new household – for example, after a relationship breakdown
- you’re an existing shared owner, and you want to move
- you own a home and want to move but cannot afford a new home that meets your needs
The New Shared Ownership Council is expected to launch educational initiatives and provide accessible resources to demystify shared ownership. These resources may include guides, webinars, and workshops, covering topics such as legal considerations, financial implications, and the step-by-step process of acquiring a shared ownership property.
The New Shared Ownership Council marks a significant step towards empowering homebuyers in their shared ownership journey. By ensuring that individuals are better informed about the intricacies of shared ownership, the council aims to create a more transparent and accessible path to homeownership. Here at Attwells Solicitors, we specialise in residential property and we have a plethora amount of knowledge when it comes to guiding individuals through the shared ownership journey. Legal professionals at Attwells Solicitors offer valuable insights into the legal aspects of shared ownership, ensuring that individuals make informed decisions with confidence.
Our blogs and articles are correct at the time of writing.
These have been created for marketing purposes only and should not be considered as legal advice.
