Who can buy a Shared Ownership Property?

Shared ownership is an option for lots of people — probably more than you think. A smaller deposit makes it easier for first-time buyers to get on the ladder, and it’s an easier way for separated couples to buy again with their individual share of joint assets. In today’s blog we take a look at who can buy a shared ownership property. 

Shared ownership is also a good option for retirees, or those who want to free up equity without losing the security of owning a home.

Generally speaking:

1. Your household income needs to be under £80k (under £90k in London).
2. You can’t be the owner of another property.
3. You’ll need to show you have a good credit history, and can afford the regular payments and costs involved in buying a home.
4. You should have savings, or be able to put down at least 5-10% deposit on the share of the property you’re buying.

Alexander JLO’s property department have a proven track record in the purchase of both new build and resale shared ownership properties. We are recommended by Housing Associations across the country.

If you are looking for a first rate conveyancing service why not give one of Alexander JLO’s specialist property lawyers a call on 020 7537 7000, click on the get a quote button or email quote@london-law.co.uk for a free, no-obligation quotation? Come and see what we can do for you.

This blog was prepared by Alexander JLO’s property partner Matt Johnson on 26th February 2020 and is correct at the date of publication. Matt has many years of experience of dealing with property work and specialises in new build and shared ownership properties.  His profile on the independent Review Solicitor website and be found here