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What is Shared Ownership?


Shared Ownership allows you to get on the property ladder as an owner-occupier and gives you that long-term security of having a home without overstretching yourself. The money you need to pay to buy your home upfront or the deposit is generally lower than buying on the open property market. Shared Ownership makes getting a mortgage more accessible, even if you are on a lower wage.


When you buy a home through a shared ownership scheme you buy a share of the property and pay rent on the rest. The share you can buy is usually between 25% and 75%. You can buy a 10% share on some homes.**

What makes you eligible for a Shared Ownership home?

You can buy a home though Shared Ownership organisations which exist around the country. You can buy through Shared Ownership if both of the following apply:

  • your household earns £80,000 a year or less (£90,000 a year or less in London)
  • you cannot afford all the deposit and mortgage payments for a home that meets your needs.

One of the following must also be true:

you are a first-time buyer you used to own a home but cannot afford to buy one now you own a home and want to move but cannot afford a new home suitable for your needs you are forming a new household - for example, after a relationship breakdown you are an existing shared owner and want to move

Some shared ownership homes in a ‘designated protected area’ are only available to buy if you have a connection to the area. If you buy one of these homes, you:

  • may only be able to buy a share of up to 80%
  • must sell it back to the landlord or a buyer nominated by the landlord - you cannot sell your home on the open market.

How can Bennett Oakley help you?

Bennett Oakley Solicitors have been established since 1957 and offer traditional professional support in your Shared Ownership sale or purchase with a modern personal service approach. Our team specialise in Shared Ownership and are here to guide you through the sometimes complicated process of your move. We will do our best to remove the legal jargon and make the process as simple as possible.

We are here to help and happy to offer an initial conversation to explain how we work and what we need from you to start your new life in your new home.

We can also offer you the following features :-

  • Our Quick and Easy Document Portal - Our revolutionary client portal allows you to sign and fill in all your initial paperwork electronically saving you time and money
  • Online Case Management - Our online case tracking portal lets you manage and view your case from any device
  • Electronic Identity Verification - We have implemented software to enable you to electronically submit your identity verification from your smartphone
  • Case tracking updates - Our Case tracking updates can be sent right to your mobile phone
  • Your own Dedicated Conveyancer - You will have your own dedicated lawyer so there will always be someone on hand for guidance and assistance.

What about the process – how long does it take and why should I use a specialist firm?

Step 1

You firstly need to be accepted by the Housing Association who will explain what they can offer to you.

Step 2

Together with the Housing Association and a specialist financial adviser you can work out what you can afford.

Step 3

Your specialist Solicitors will take over and deal with the legal process – which can take several weeks and on average up to 12 weeks. Shared ownership work is a little different and sometime if you do not choose a Firm that knows what they are doing then the process can get unnecessarily complicated and can be delayed.

Step 4

Once your specialist Solicitors have completed their work you will be given the keys to your new home

If you are looking into buying a Shared Ownership Property then you will need to speak to your chosen Housing Association and consult a specialist financial adviser who will be able to help you work out what you can afford. This is the point then that we become involved and will guide you through the legal work process.


Written by Sarah Rowland

Sarah leads our Residential Conveyancing team and has a wealth of experience in all kinds of residential conveyancing work.

Providing expert guidance through good communication ensures that all of our clients understand the processes involved in buying and selling their properties. Her team ensures that the client-focused approach is maintained throughout the whole process.

What do people say about
Bennett Oakley?

Really helpful, clear and friendly service. Fuss fre, no drama's. perfect, thank you!

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