Shared Ownership Law

Shared Ownership entails purchasing a long lease (25-75%) in a property from a housing association. Funding is through a mortgage, with reduced rent to the housing association and a service charge for repairs. A lease outlines rights and obligations, allowing staircasing to increase ownership.

Selling is permitted, but the housing association usually has the right of first refusal.

When you buy a shared ownership property, what you are buying is a long lease with a housing association or registered social landlord. Which gives you greater security than if you were renting and which you can cash in and sell on if you decide that you want to move.