Shared Ownership Solicitors

‘Staircasing’ is the term used for buying additional shares of your property from the Housing Association after your initial purchase. For example, if you start by owning 40% of your home, you can later buy another 10%, taking your ownership to 50%. This reduces the amount of rent you pay to the Housing Association. The process typically involves having the property valued, formally notifying the Housing Association of your intent to staircase, and then instructing a solicitor like us to handle the legal transaction.

Yes, this is a critical point to understand. Even if you only own a 25% share of the property, the terms of a standard shared ownership lease make you responsible for 100% of the costs for all repairs and maintenance, both inside and outside your home.

While both are designed to help people buy a home, they work differently.

• Shared Ownership: You buy a share of a property (e.g., 40%) from a Housing Association and pay a subsidised rent on the share you don’t own. You are a leaseholder.
• Shared Equity: You purchase 100% of the property from the start. You typically provide a 5% deposit, secure a mortgage for a significant portion (e.g., 75%), and the remaining amount (e.g., 20%) is covered by an equity loan from the government or the property developer. You don’t pay rent, but you will have to repay the equity loan in the future.

Gorvins Residential is experienced in handling the legal requirements for both types of schemes.