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Gorvins Residential Are You Eligible For the Shared Ownership Scheme?

Are You Eligible For the Shared Ownership Scheme?

Last Updated: February 29th, 2024

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The dream of homeownership might seem out of reach for many, but the Shared Ownership Scheme in the UK presents a viable path to making this dream a reality. This government-backed program is designed to assist individuals and families who find the full purchase of a home unaffordable by allowing them to buy a share of a home and rent the remainder.

But how do you know if you’re eligible for this opportunity? Let’s delve into the criteria set by the UK government.

Financial Criteria

To be considered for the Shared Ownership Scheme, your household income must meet certain thresholds:

  • For residents outside London: Your combined household income should be £80,000 a year or less.
  • For London residents: The income cap is slightly higher at £90,000 a year or less.


One of the core requirements is that you are unable to afford the total deposit and mortgage payments for a home that suits your needs. This scheme is tailored to those who can manage part of the financial commitment but not the entirety.

Personal Circumstances

In addition to financial criteria, at least one of the following conditions must apply to you:

  • You’re a first-time buyer, stepping onto the property ladder for the first time.
  • You used to own a home but now find yourself unable to afford one due to financial constraints.
  • You’re forming a new household, perhaps following a relationship breakdown, necessitating a fresh start.
  • You’re an existing shared owner looking to relocate.
  • You currently own a home but need to move and cannot afford a new home that meets your needs without the scheme’s assistance.

Local Connections

For certain properties, you may need to demonstrate a local connection to the area you wish to buy in, such as currently living, working, or having family ties there.

Additional Considerations for Homeowners

If you already own a home and are looking to transition to a Shared Ownership property, you must have formally accepted an offer for the sale of your current home (referred to as ‘sold subject to contract’ or ‘STC’) and possess written confirmation of the agreed sale, including the price and your intent to sell. The completion of your current home’s sale must occur by or on the date you complete the purchase of your Shared Ownership home.

Special Provisions

  • Older Persons Shared Ownership (OPSO): If you’re aged 55 or over, you can buy up to a 75% share of a home. Once you own this percentage, you won’t have to pay rent on the remaining share.
  • Home Ownership for People with a Long-Term Disability (HOLD): If you have specific needs that aren’t met by other Shared Ownership properties, this scheme may be an option, such as requiring a ground-floor home.
  • Armed Forces Priority: Serving members of the armed forces receive priority in cases where multiple offers are made on a home. This priority may also extend to certain veterans, depending on their role during service.

How to Apply

If you meet the eligibility criteria and are interested in exploring your options under the Shared Ownership Scheme, your first step should be to contact a local Help to Buy agent. They can guide you through the application process and assist in finding available properties that fit your needs and eligibility.

Understanding Shared Ownership

Shared Ownership, often referred to as “part buy, part rent,” allows buyers to purchase a portion of a property, typically ranging from 25% to 75%, and pay rent on the remaining share. This scheme is particularly appealing to first-time buyers and those who cannot afford to buy a home outright on the open market.

Buying More Shares

A significant aspect of Shared Ownership is the ability to “staircase,” or buy additional shares in your home over time. This process allows you to gradually increase your ownership until you own 100% of the property, reducing the amount of rent you pay as your share increases.

Advantages and Considerations

The Shared Ownership Scheme offers several advantages, such as lower initial deposit requirements, the flexibility to buy more shares over time, and the opportunity to become a homeowner in a desirable location that might otherwise be unaffordable. However, potential buyers should also consider factors such as limited selling options, restrictions on home modifications, and the requirement to pay both mortgage and rent.

The Broader Context

The Shared Ownership Scheme is part of a broader strategy to address housing affordability in the UK. With house prices rising significantly over the past few decades, traditional homeownership has become increasingly difficult for many individuals and families. Shared Ownership provides an alternative route to homeownership, supporting those on lower to moderate

Instructing a Conveyancing Solicitor

Navigating the Shared Ownership Scheme can be complex, involving intricate legal processes and paperwork. This is where instructing a reputable conveyancing solicitor becomes crucial.

Our team of experienced solicitors understands the nuances of shared ownership transactions, ensuring that every aspect of your purchase is handled with care.

From the initial eligibility assessment to the final stages of buying additional shares, Gorvins Residential offers comprehensive legal support. Contact our friendly team today and let’s start this process together.


Through a very stressful process buying a first home, Gorvins were confident and collected. Able to deliver what they promised and kept me updated through the stages. I was glad to have No Stress experience with our conveyancer in amongst the chaos of the rest of it.

Used as recommended by my mortgage advisor for a remortgage.  My case was dealt with by Natasha Sands and she made it complete smoothly and to my satisfaction.  Communication was great and all my questions answered promptly.  Will not hesitate to use again next time.

Fantastic service and for a fair price, special thanks to Joseph Hirst who dealt with my account from start to finish and was always on hand to deal with any queries I had, always got back to me in good time and made the whole process as stress free as possible.

Go with Gorvins, if you want peace of mind!

I recently instructed Gorvins to act on my behalf in the purchase of 5 apartments in Liverpool. I am happy to report that I was more than pleased with their performance.The services provided by the person in charge of the file at Gorvins was most professional, reliable and efficient. In fact she went out of her way to help in aspects which was not her responsibility and as a result the deal went­­ through smoothly.

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