At Bennett Oakley, our Residential Property team specialises in Shared Ownership transactions. We provide clear, practical advice at every stage, from buying your first share through to purchasing additional shares (known as staircasing) or selling your property.

What is shared ownership?

Shared ownership is a government-backed affordable housing scheme, usually offered through a housing association. Instead of buying the whole property, you buy the share you can afford and pay rent on the remainder.

You may be eligible for Shared Ownership if:

• Your household income is £80,000 or less (or £90,000 or less in London).
• You cannot afford to buy a suitable home on the open market.

And one of the follow applies

• You are a first-time buyer.
• You previously owned a home but cannot afford to buy one now.
• You are setting up a new household, for example following a separation or divorce.
• You are an existing shared owner looking to move.
• You already own a home but need to move and cannot afford a suitable property.

You’ll only need a deposit and mortgage for the share you are buying, making home ownership more accessible than purchasing a property outright.

Eligibility can vary depending on the housing association and the specific property, and additional local connection or affordability requirements may apply. Our team can advise you on the legal aspects of your purchase.

Can I Buy More Shares in My Shared Ownership Home?

Yes. If your financial circumstances improve, you may be able to buy a larger share of your property. This process is called staircasing.

Many people search for “buying more shares”, but staircasing simply means increasing the percentage of the property that you own. For example, if you initially purchase a 40% share, you may later increase this to 60%, 80% or, in many cases, 100%.

As your ownership increases, the rent you pay to the housing association reduces because you own a larger proportion of the property.

The process usually involves:

• Arranging for the property to be independently valued.
• Agreeing the value of the additional share with your housing association.
• Arranging finance if required, often by increasing or changing your mortgage.
• Completing the legal work to transfer the additional share into your ownership.

Our Residential Property team can guide you through the entire staircasing process and work with your lender and housing association to make the transaction as straightforward as possible.

Can I Make Changes to My Property?

You are generally free to decorate your home and carry out cosmetic improvements such as painting or putting up shelves.

However, if you are planning structural alterations or major improvements, you will usually need permission from your housing association before any work begins.

As the leaseholder, you are normally responsible for maintaining the interior of the property and arranging any internal repairs.

What Happens if I Want to Sell?

If you decide to sell your shared ownership property, you must first notify your housing association.

Most housing associations have a nomination period (often eight weeks) during which they have the opportunity to find a buyer for your share. They may charge an administration fee for this service, so it’s worth understanding any costs before the process begins.

If a buyer is not found during this period, you will usually be able to market the property yourself or instruct an estate agent to sell it on the open market, subject to the terms of your lease.

Need Advice on Shared Ownership or Staircasing?

Whether you are buying your first shared ownership property, purchasing additional shares through staircasing or preparing to sell, our experienced Residential Property team is here to help.

Get in touch with Bennett Oakley today for clear, practical advice tailored to your circumstances.