Island knowledge, national expertise

Shared Ownership Schemes

With property prices marching ever upwards and mortgage lenders demanding larger and larger deposits, it is becoming increasingly difficult for individuals and families to take the first step onto the property ladder.

Shared ownership offers would-be home buyers a solution. Generally run by housing associations, these schemes allow people to buy a share of the property between 25-75% of its value and pay rent on the remaining share. A mortgage is normally required to pay your share of the home’s purchase price.

Am I eligible?

You have to meet a few requirements to become eligible for shared ownership. In general terms, these are:

  • Your household income does not exceed £60,000.
  • You are a first time buyer (or used to own a home but cannot afford to buy one now).
  • You currently rent a council or housing association property.

Buying more shares

Circumstances change and you could find yourself in a position to buy some more shares in the property – this is known as “staircasing”.

The value of your additional share will depend on the value of the property at the time. As the purchaser, you will be responsible for the valuer’s fees and you may also be liable for Stamp Duty. The Glanvilles Damant Property Team can advise you accordingly. It’s also worth noting that shared ownership schemes have quite complicated terms and conditions and there are few mortgage lenders willing to lend money on these schemes. Glanvilles Damant has successfully helped many Island people buy their home under shared ownership and have all the experience and expertise you need to negotiate and meet a lender’s specific requirements.

Selling your Share

If you have fully “staircased” your property and own 100% of its shares, you should be able to sell it like any property owner. If you still only have a percentage share of the property, there may be a requirement from the housing association to offer your share to a buyer nominated by the association.  The Glanvilles Damant Property Team can advise you on your legal obligations and ensure any ensuing transaction is handled speedily and efficiently.


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