Shared Ownership

Bridging Your Home Ownership Dreams

At Kingsley Bond, we understand that buying a home is one of the biggest financial commitments you will make. Shared Ownership, also known as 'part buy part rent', offers an alternative route to homeownership, making the process more attainable for many.

Our adept team is proficient in navigating the intricacies of Shared Ownership, ensuring a seamless experience for our clients. Whether you're stepping onto the property ladder for the first time or seeking a new home ownership solution, Kingsley Bond is your trusted partner in this journey.

Understanding that each property and individual is unique, we offer guidance tailored to your specific needs, from the initial assessment with the housing association to understanding your rent and mortgage obligations.

Shared Ownership can be an attractive option, but it also comes with its nuances. At Kingsley Bond, our mission is to simplify this for you:

  • Guidance on Shared Ownership Eligibility: Understand if you qualify for shared ownership based on your financial status, locale, and other criteria.

  • Staircasing Support: When you're ready to increase your property share, we'll guide you through the staircasing process, ensuring you make informed decisions.

  • Selling Your Shared Ownership Property: We're here to advise on the most suitable way to sell, whether it's selling your share or potentially the full property.

Our expertise ensures that you're not just buying a share of a home, but you're also securing a foothold in the property market, all while understanding your rights and obligations.

Property Transactions, Simplified and Secure.

Navigating Property Paths? Call 020 8051 4222 or reach out for tailored solutions.

FAQs

Please note: the information provided here is not tax advice, and for detailed guidance, one should consult with a tax professional.

  • Shared Ownership, also referred to as 'part buy part rent', is a scheme where you purchase a share of a property and rent the remaining portion from a housing association. It allows you to enjoy the entirety of the property, without having to buy it outright.

  • You'll need a mortgage for the share you buy and will pay rent on the part you don't own. For instance, if a property is valued at £500,000, and you can afford a 25% share (£125,000), you'll secure a mortgage for that amount and pay rent on the remaining 75%.

  • No. However, you mustn't own another property or must be in the process of selling it before venturing into Shared Ownership. Income criteria may also apply.

  • Yes, this is known as 'staircasing'. You can purchase additional shares of the property, up to owning it outright, in most cases subject to your lease and local authority guidelines on affordable home ownership

  • In many instances, the housing association may have potential buyers. Depending on your lease, you might also have the option to sell the property in its entirety on the open market.

  • Typically, subletting is not permitted. The property should be your primary residence. However, some exceptions might apply, so it's best to consult with the housing association.