Machins Solicitors LLP
Leading Solicitors in Bedfordshire, Hertfordshire & Buckinghamshire
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Changes to shared ownership ‘will help more people buy a home’

Posted: 10th November 2020   In: Residential Conveyancing

The government is planning changes to the shared ownership scheme to make it easier for people to buy more of their own home, including allowing them to buy in 1% increments.

At present, they have to buy an increased share in 10% chunks, which can be as much as £45,000 each time. This process of increasing the stake until the property is bought outright is known as “staircasing”.

People use shared ownership to buy a proportion of their home – which can be as little as 25% – and then pay a subsidised rent on the rest.

The government published these case studies to explain how the changes will help:

How will it work?

£150,000 shared ownership property

£200,000 shared ownership property

£450,000 shared ownership property

We shall keep clients informed of developments.

Please contact Gurjit Dhadar or Gary Baber if you would like more information about the legal aspects of buying or selling a home.

 

Posted by: Gurjit Dhadar
Residential Conveyancing
Luton Office