Your Shared Ownership Conveyancing Experts
Shared ownership can make buying a home easier, but the process is different to a standard purchase – the rules are different, and there are more parties involved.
That’s why Bespoke Law Services offers specialist shared ownership conveyancing, so you get the answers and help you need when you need them.
Our property experts guide you through the process every step of the way – ensuring you can buy your property with confidence.
Contact us today to get started.
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What Is Shared Ownership?
With shared ownership, you buy a percentage of a property (typically 10-75%) and pay rent on the remaining share.
Depending on the type of shared ownership scheme you’re on, you might be able to increase the share of the property you own in the future – known as staircasing.
Unlike a standard purchase, a shared ownership transaction involves a third party, who you rent the remaining share of the property from. This is usually a housing association, but it could be another registered provider or landlord.
We understand the nuances of shared ownership transactions, so we can help you buy your first home or guide you through the process of staircasing, remortgaging or selling your property – guiding you through the extra legal steps.
What Is Shared Ownership Conveyancing?
Property conveyancing is the legal and administrative process of buying and selling a house – it involves work like reviewing contracts, transferring ownership and conducting searches.
Shared ownership conveyancing is an extension of this and includes liaising with third parties and assessing your mortgage and lease agreements. Because you’re buying a leasehold interest, extra steps are added to the buying process.
At Bespoke Law Services, it’s our job to answer queries from you, your mortgage provider and the leaseholder, and make sure you’re getting the property and deal you signed up for.
What’s the Difference Between Conveyancing for Shared Ownership and a Standard Purchase?
| Standard purchase | Shared ownership purchase | Solicitor |
|---|---|---|
| Usually deals with buyer, seller and lender | Involves the buyer, seller, lender and housing association | Solicitors Regulation Authority |
| Contract and title are reviewed | The shared ownership lease needs detailed review | Yes |
| Standard property enquiries | Additional enquiries may be required from the housing association | Depends on the firm |
| No staircasing provisions | Lease needs to cover future staircasing rights | Yes, if on the lender’s panel |
| Usually freehold or standard leasehold | Shared ownership properties are leasehold | Yes |
The additional steps and complexity involved with a shared ownership purchase outline why you need a specialist shared ownership conveyancer, like Bespoke Law Services, to handle the process.
Are You Eligible for Shared Ownership?
The shared ownership scheme in England generally requires you to meet certain income and affordability criteria (listed below).
Typically, your household income must be less than £80,000 per year (or £90,000 in London), and you must be unable to afford the full deposit and mortgage payments for a home that meets your needs. One of the following must also apply:
- You’re a first-time buyer
- You used to own a home but cannot afford to buy one now
- You’re forming a new household – for example, after a relationship breakdown
- You’re an existing shared owner, and you want to move
- You own a home and want to move but cannot afford a new home that meets your needs
For some homes, you may have to show that you live in, work in, or have a connection to the area you plan to buy. Check if you’re eligible for shared ownership on the Gov.UK website.
Taking your first step onto the property ladder? Get to grips with the conveyancing process with our first-time buyers guide.
How to protect unequal contributions when you buy with someone else
If you’re buying with a partner, friend or family member, you don’t have to contribute equally. One of you might be putting in a bigger deposit, earning more, or covering a larger share of the mortgage.
Without a deed of trust in place, your ownership can end up being treated as equal by default, even if you’ve not contributed the same amount.
A deed of trust is a legal document that records who contributed what, and what each person is entitled to if the property is later sold or you staircase to a bigger share. It’s not just for later down the line; it’s worth putting one in place from the start, at the point of purchase.
If you’re about to buy a house with an unequal contribution, we can advise and prepare a deed of trust alongside the rest of your shared ownership conveyancing – protecting your interests from day one.
How Does the Shared Ownership Conveyancing Process Work?
We know that every property transaction is different, but when it comes to conveyancing for shared ownership, it usually follows these steps…
How Long Does Shared Ownership Conveyancing Take?
Conveyancing for shared ownership properties can take around 10-14 weeks, but there’s no set timeframe.
Shared ownership conveyancing can also take longer than a standard property transaction because of the extra parties and paperwork involved.
We know it can be annoying to wait, which is why our team keeps you updated every step of the way. So you know what is happening and what, if anything, is holding up your transaction.
How Much Does Shared Ownership Conveyancing Cost?
When you partner with Bespoke Law Services for shared ownership conveyancing, you can expect to pay £175 + VAT.
Shared ownership conveyancing can involve additional legal work compared with a standard purchase, so your overall costs may include several different elements.
| Cost | What it covers |
|---|---|
| Legal fees | Conveyancers work on the purchase and legal documentation |
| Search fees | The searches required for your property |
| HM Land Registry fees | Registration of your ownership |
| Management or leasehold information | Information supplied by the housing association or managing agent |
| Housing association fees | Fees charged by the provider where applicable |
| Mortgage-related work | Additional legal work associated with your lender, where applicable |
| Staircasing costs | Additional legal and other costs if you later buy a larger share |
The exact cost depends on your property, mortgage, housing association and circumstances.
Bespoke Law Services provides a clear quote upfront, so you can understand the expected legal costs before proceeding. We’ll explain what is included and identify any likely additional costs rather than leaving you to discover them later.
Staircasing: The Process of Buying a Bigger Share of Your Home
Once you’re a shared owner, you may be able to buy further shares in your property – this is known as staircasing.
The rules around this will depend on your lease and the scheme your property was provided under. Some homes let you buy additional shares of 10% or more, while others might only permit smaller transactions of 1% or 5%.
Additional shares are generally linked to the property’s value at the time you staircase, so a new valuation may be required. The cost of staircasing will vary, but it’s usually made up of the following:
- A valuation fee
- Legal fees
- Housing association or administration fees
- Mortgage or lender fees, if applicable
- Stamp Duty (depending on your circumstances and the level of ownership reached)
If you’re staircasing with someone else and your contributions towards the new share are unequal, the same principle applies. You can use a deed of trust to keep your updated ownership split protected, just as it should be from your initial purchase.
If you currently own a home through shared ownership and are considering staircasing, Bespoke Law Services can help you process the legal work involved.
Stamp Duty on Shared Ownership Properties
Stamp Duty Land Tax (SDLT) can be more complicated with shared ownership than with a conventional purchase.
There are two ways to approach Stamp Duty when you buy a shared ownership property:
- Market value election – you can elect to pay SDLT based on the full market value of the property rather than just the share you initially purchase.
- Paying in stages – SDLT is dealt with according to the relevant shared ownership rules as you acquire your shares.
If you choose the market value election and pay any SDLT due on the full market value, you generally do not pay further SDLT when you later staircase.
If you pay in stages, different rules apply as your ownership increases, including specific rules when your share goes above 80%.
First-time buyer relief may also be available where the relevant conditions are met.
Because the tax consequences can vary depending on the property, purchase price, your share and circumstances, we recommend getting professional financial advice before making a decision.
Buying a New Build Shared Ownership Home
New build shared ownership purchases have their own practical considerations because your legal work may be ready before the property can be lived in.
This means completion can be linked to the progress of the build, potentially delaying the availability of required paperwork. Similarly, you may also need to keep your mortgage offer valid for longer if the build is delayed.
Despite this, the core legal process remains similar, i.e. reviewing the lease, raising enquiries, checking the title and dealing with the housing association and lender, but the timing can be less predictable than with an existing property.
Selling, Staircasing Down or Remortgaging Your Shared Ownership Home
Shared ownership doesn’t necessarily end when you buy your first share. If you decide to move on, you can sell your house, subject to the requirements of your lease and housing association.
The third-party housing association will generally need to be notified and may have a nomination period during which it can nominate a buyer.
If a buyer isn’t found within the applicable period, the property may then be marketed more widely, subject to the terms of your lease and scheme.
If you staircase to 100% ownership, the position on sale may be different. However, the precise legal process depends on whether you own the property outright, if it remains leasehold or you acquire the freehold.
When you choose Bespoke Law Services as your shared ownership conveyancer, you’re working with a team experienced in all aspects of the process – including staircasing, selling and remortgaging.
Why Choose Bespoke Law Services for Shared Ownership Conveyancing?
Shared ownership has its own legal requirements, so you need a conveyancer who understands the process. This includes managing the lease, dealing with the housing association and handling the next steps if you staircase, remortgage or sell.
It might feel like a lot to deal with, but we’re committed to making the process as straightforward as possible. When you work with Bespoke Law Services, you get the following as standard:
One dedicated team
From instruction to completion, you have a dedicated team looking after your transaction.
Plain English
We explain your lease, report on title and legal obligations in language you can actually understand.
Transparent fees
You’ll receive a clear quote upfront, with the expected costs explained before you proceed.
Shared ownership experience
We understand the additional work involved and the practical issues that can arise during the process.
Ready to get started?
Use the form below to get a clear, upfront quote for your shared ownership conveyancing and let Bespoke Law Services guide you from offer to keys.
Shared Ownership Conveyancing FAQs
Can I choose my own conveyancer for a shared ownership purchase?
Yes – you’re not tied to whoever your housing association or estate agent recommends. It’s your move, so it should be your choice, and we’d love to be the team you choose.
Do I pay Stamp Duty on a shared ownership property?
It depends on the property’s value; the table below lists the full rates. You can pay upfront on full market value or in stages as you staircase; we’ll talk you through which fits your situation.
Property or lease premium or transfer value | SDLT rate |
The next £125,000 (the portion from £125,001 to £250,000) | 2% |
The next £675,000 (the portion from £250,001 to £925,000) | 5% |
The next £575,000 (the portion from £925,001 to £1.5 million) | 10% |
The remaining amount (the portion above £1.5 million) | 12% |
Can I sell my shared ownership property at any time?
Yes, but your housing association needs to be notified first, and they’ll usually have a nomination period to try and find a buyer before it goes to the open market. If you own 100% of your home, it sells much like a standard leasehold property.
What documents do I need for shared ownership conveyancing?
You’ll typically need proof of ID, proof of funds, your mortgage offer or agreement in principle, and your housing association approval letter. Getting these ready early helps us move things along quickly, without waiting around for paperwork once we’re underway.
Why is shared ownership conveyancing more expensive than a standard purchase?
There’s simply more legal work involved, like reviewing the lease, liaising with the housing association, and handling extra searches and enquiries. For full transparency, we’ll always explain exactly what you’re paying for.
What does the housing association require during the conveyancing process?
During the conveyancing procedure, housing associations issue and approve the lease, provide management information, respond to legal enquiries, and approve things before you can exchange or complete.
Do I need a conveyancer who specialises in shared ownership leases?
We think so, yes. Shared ownership leases have their own quirks, like staircasing rights, rent review clauses and restrictions on alterations, and it takes real experience to spot what matters. Our team works with shared ownership purchases regularly, so nothing catches us off guard.
Is the legal process different for a resale shared ownership property compared to a new build?
The core legal steps are the same, but new builds add extra considerations. This is because completion is tied to build progress and mortgage offers need to stay valid for longer.
By contrast, with a resale, you’re buying an existing share, so there’s no construction timeline to work around.