The short answer
Shared ownership normally combines buying a share with rent on the remaining share and other ongoing costs. The scheme and lease determine your obligations, so your solicitor needs to check the actual documents rather than the headline share price.
Compare the total monthly commitment and the future exit terms.Work out the full monthly commitment
In addition to mortgage payments, consider rent, service charges and the other costs stated for the property. Ask how those figures can change and what repair responsibilities you take on.
Request clear information about both the full property value and the share you are buying. Your lender, solicitor and quote provider need the correct figures for their different purposes. Do not silently substitute one for the other.
Choose someone who can handle the scheme
Tell your conveyancer it is shared ownership before agreeing the quote. Confirm experience with the type of transaction and suitability for your lender.
Share the provider's documents, reservation terms and deadlines. Eligibility and scheme rules can vary, and arrangements in Wales differ from those in England. Ask which rules apply to this home rather than relying on a generic description.
Planning a shared ownership purchase?
Start your quote, then identify the scheme and share details when asked.
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Understand buying more shares
Buying additional shares is often called staircasing. Ask how the price is established, what fees may arise and whether there are restrictions for your lease or scheme.
Work through the long-term plan with your advisers. Being able to buy an initial share does not guarantee you will be able to finance later purchases, and future valuations may change the cost.
Read the rules for selling and everyday use
Ask how a future sale works, whether the provider has a role in finding a buyer and what charges or conditions apply. Check restrictions on alterations and letting if they matter to your plans.
Before exchange, ask your solicitor to explain the lease, the costs and any unanswered questions in plain language. A smaller initial purchase does not make the legal obligations less important.
Your next steps
- Budget for mortgage, rent and other charges.
- Confirm the scheme, share and full property value.
- Ask about staircasing and future sale conditions.
- Use advice relevant to the property's country and lease.
A little more clarity
Are the rules identical in England and Wales?
No. Check the scheme and official guidance for the country where the property is located, alongside the individual documents.
Further reading
General information for England and Wales, not advice on your individual transaction. Millennium Legal is a referral and case management service, not a firm of solicitors. Your appointed firm provides legal advice. Check current official guidance and your own terms.
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