6 Jul 2026
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For many people, buying a home can feel out of reach, particularly as property prices and mortgage costs continue to rise. If purchasing a property outright isn't affordable, Shared Ownership could provide an alternative route onto the property ladder.
But how does Shared Ownership work, and is it the right option for you?
Shared Ownership is a government-backed scheme designed to help eligible buyers purchase a home they might not otherwise be able to afford.
Instead of buying the entire property, you purchase a share, typically between 10% and 75%, using a mortgage (or savings) and pay a reduced rent to a housing association on the remaining share. Over time, many buyers choose to purchase additional shares, a process known as staircasing, with the aim of eventually owning more or all of the property.
The scheme is available on many new-build homes and some resale properties across England.
Eligibility will depend on your circumstances, but in England Shared Ownership is generally aimed at people who cannot afford to buy a suitable home on the open market.
You will usually need to:
Some developments may also prioritise applicants with a local connection or those working in key public services.
When buying through Shared Ownership, you'll usually:
Although you only own part of the property initially, you become the leaseholder and are responsible for meeting the obligations set out in your lease.
One of the key features of Shared Ownership is the ability to buy additional shares in your property over time.
This process, known as staircasing, allows you to gradually increase your ownership and reduce the rent you pay on the remaining share.
Depending on the terms of your lease, you may eventually be able to own 100% of the property, although some homes, particularly those in protected rural areas, may have restrictions on full ownership.
Many newer Shared Ownership leases also allow eligible homeowners to purchase additional 1% shares annually during the first 15 years, making it easier to increase ownership gradually. However, these provisions do not apply to every Shared Ownership property, so it's important to check the terms of your lease.
While Shared Ownership can reduce the upfront cost of buying a home, it is important to understand that there are still several ongoing expenses.
These may include:
Understanding the total monthly cost is just as important as considering the purchase price.
Because you're only purchasing a share of the property, your mortgage and therefore your deposit, is often lower than buying outright.
The scheme enables many buyers to purchase a home sooner than they otherwise could.
As your financial circumstances improve, you may be able to purchase additional shares through staircasing.
As a homeowner, you'll usually benefit from any increase in value relating to the share you own.
Shared Ownership isn't the right solution for everyone.
Some considerations include:
Before proceeding, it's important to understand both the financial commitments and the legal obligations involved.
Buying a Shared Ownership property is different from a standard property purchase.
Your conveyancing solicitor will need to review:
Because Shared Ownership involves additional legal documentation, choosing a solicitor with experience in this area can help the process run more smoothly and ensure you understand your rights and responsibilities before exchanging contracts.
Shared Ownership can be an excellent option if you're struggling to buy a home outright but are financially ready to take your first step onto the property ladder.
However, it's important to look beyond the initial purchase price and consider the long-term costs, your future plans, and whether the scheme suits your circumstances.
Taking independent financial advice alongside legal advice can help you make an informed decision.
Shared Ownership has helped thousands of people take their first step onto the property ladder, offering a more affordable way to buy a home while providing the opportunity to increase ownership over time.
Like any property purchase, it's important to understand exactly how the scheme works, the costs involved and your legal obligations before making a decision.
Our residential conveyancing team has extensive experience helping buyers purchase Shared Ownership homes across the region.
We understand that buying your first home can feel overwhelming, particularly when the legal process is more complex than a traditional purchase.
We'll explain every stage clearly, liaise with your mortgage lender and housing association, and ensure you fully understand the terms of your lease before you commit.
Whether you're buying your first Shared Ownership property or staircasing to increase your share, we're here to make the process as straightforward and stress-free as possible.
Whatever legal support you need, our experienced and highly skilled solicitors and legal advisors are here to help. With expertise across a wide range of legal areas, we provide clear, practical advice tailored to you. What sets us apart is our commitment to understanding your needs and delivering the best possible outcome with a personal touch.
