Shared Ownership
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Shared Ownership: your step onto the property ladder
Shared Ownership is designed to help you buy your home in manageable stages — starting with a share you can afford. Whether you're a first-time buyer or returning to the market, PCS Legal can help you navigate this unique buying process with confidence.
Understanding Shared Ownership and how it works
Shared Ownership is a government-backed scheme designed to help more people take their first step onto the property ladder. It allows you to buy a share of a home, typically between 25% and 75%, and pay rent on the portion you don’t own, which remains under the ownership of a Housing Association or developer.
This flexible approach makes homeownership more affordable by reducing the amount you need to borrow or save for a deposit.
Who is eligible?
You may be eligible to purchase a property through the Shared Ownership scheme if:
Your household earns £80,000 a year or less (or £90,000 in London)
You are a first-time buyer, a previous homeowner unable to buy again, or a current tenant of a council or Housing Association property looking to buy a shared ownership property.
This scheme is ideal if you are priced out of the open market but still want to own a home that meets your needs.
Why Shared Ownership works for many buyers
Shared Ownership offers a more accessible route into the housing market for those with limited income or deposit savings. Instead of stretching to afford the entire property upfront, you buy what you can afford now and have the option to increase your share later.
With the security of owning a share and the flexibility of renting the rest, Shared Ownership provides the best of both worlds — helping you settle into a home you love, sooner than you might expect.
At PCS Legal, we’re here to ensure you understand every stage of this process and make confident decisions with the support of experienced conveyancing professionals.
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Legal considerations and how PCS Legal can help
While Shared Ownership offers an accessible way onto the property ladder, the legal process behind it involves some important considerations. At PCS Legal, we guide you through every stage — from your initial purchase to increasing your ownership or selling the property — with clarity and expert support.
Staircasing – increasing your share of the property
Once you’ve settled into your home, you may decide to purchase more shares in the property over time. This process, known as staircasing, allows you to gradually increase your ownership. The cost of additional shares is based on the property’s market value at the time of purchase, meaning prices may fluctuate.
The more you own, the less rent you pay to the Housing Association. However, some properties may have restrictions in place and may not permit staircasing to 100%, so it’s important to check the terms before you commit.
Understanding Stamp Duty on Shared Ownership
Stamp Duty Land Tax (SDLT) is more complex under the Shared Ownership scheme. There are two options for how it can be paid during the shared ownership conveyancing process:
Market Value Election – You pay SDLT upfront based on the full market value of the property. If this value is under £300,000, you may qualify for the First Time Buyer exemption when buying a shared ownership property.
Paying in stages for your shared ownership conveyancing can help you manage costs effectively. – You pay SDLT only on your initial share and may not pay anything further until your ownership reaches or exceeds 80%. At that point, SDLT becomes payable on that transaction and any future staircasing transactions as they are considered linked.
Our experienced shared ownership team can advise you on the best option for your situation and ensure all filings are handled accurately.
Selling a Shared Ownership property
When you decide to sell, you’ll need consent from your Housing Association. They have the right of first refusal for up to 21 years after you staircase to 100%. PCS Legal will help you meet all requirements for buying or selling and coordinate the sale efficiently, so you can move forward with confidence.
Whether you’re purchasing your first share or preparing to sell, PCS Legal provides practical, professional support throughout the process. For estimates or personalised advice, please contact quotes@pcslegal.co.uk or call one of our offices.
Shared Ownership solicitors frequently asked questions
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Shared Ownership is a government-backed scheme that allows buyers to purchase a share of a property (usually between 25% and 75%) and pay rent on the remaining share to a Housing Association or developer. It’s designed to make homeownership more affordable for people who cannot afford to buy on the open market.
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You may be eligible if your total household income is £80,000 a year or less (or £90,000 in London), and you are a first-time buyer, a former homeowner who can no longer afford to buy, or currently rent a council or Housing Association property.
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Yes. You can purchase additional shares in your property over time through a process known as staircasing. Each time you staircase, you increase your ownership share in your affordable housing property and reduce the rent you pay to the Housing Association.
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Staircasing allows you to buy further shares in your property after your initial purchase through the shared ownership department. The price of each additional share is based on the market value at the time you buy it. This means the cost may increase if property prices rise.
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Some Shared Ownership leases allow you to staircase to 100% ownership, while others may cap ownership below that level. It’s important to check the lease terms or consult your solicitor before purchasing to understand any restrictions.
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Yes, but you must first obtain permission from your Housing Association before proceeding with your conveyancer. They usually have the right of first refusal, meaning they can choose to buy the property back before it is sold on the open market. This right typically applies for 21 years after you staircase into full ownership.
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Yes. Stamp Duty Land Tax (SDLT) is payable on Shared Ownership properties, but how much and when you pay depends on how you choose to structure your payment. You can either pay SDLT upfront on the full market value (Market Value Election) or pay in stages as you purchase further shares.
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In many cases, yes — you can staircase to full ownership by purchasing all the remaining shares. However, some leases place restrictions on staircasing to 100%, so it’s important to review the terms before committing to a property.
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Shared Ownership properties are generally excluded from the First Time Buyer exemption unless you choose to make a Market Value Election and the full property value is below £300,000, making it an ideal option for affordable housing. Without this election, the exemption does not apply.
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The timeline can vary, but a typical Shared Ownership purchase takes between 6 to 10 weeks. Factors such as mortgage approval, lease review, and Housing Association processes may influence the duration of your shared ownership conveyancing. PCS Legal works efficiently to minimise delays and keep your transaction on track.
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Yes. Due to the legal complexity of Shared Ownership leases and Stamp Duty rules, it's essential to have a qualified solicitor handle the transaction. PCS Legal has extensive experience in Shared Ownership purchases and will guide you through every legal aspect with clarity and confidence.
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