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Ross Coates Solicitors serve clients nationally and throughout East Anglia, and in the following locations:

Solicitors for Aldeburgh, Solicitors for Attleborough, Solicitors for Aylsham, Solicitors for Baldock, Solicitors for Burwell, Solicitors for Bury St Edmunds, Solicitors for Cambridge, Solicitors for Cromer, Solicitors for Diss, Solicitors for Downham Market, Solicitors for Ely, Solicitors for Eye, Solicitors for Fakenham, Solicitors for Framlingham, Solicitors for Great Yarmouth, Solicitors for Halesworth, Solicitors for Harleston, Solicitors for Holt, Solicitors for Ipswich, Solicitors for King's Lynn, Solicitors for Lowestoft, Solicitors for Mildenhall, Solicitors for Newmarket, Solicitors for North Walsham, Solicitors for Norwich, Solicitors for Royston, Solicitors for Saxmundham, Solicitors for Sheringham, Solicitors for Thetford, Solicitors for Tiptree, Solicitors for Wells, Solicitors for Wisbech, Solicitors for Woodbridge, Solicitors for Wymondham

Shared ownership

(Buying a share in a property)

Shared ownership is a way of buying a stake in a property if you cannot afford to buy it outright. You have sole occupancy rights, which means you do not have to share your home with anyone else.

Shared ownership properties are usually offered for sale by housing associations (non- profit organisations). You buy a share of a property and pay rent to the Housing Association for the remainder. Your monthly outgoings will include repayments on any mortgage you have taken out, plus rent on the part of the property retained by the housing association. Later, as you can afford it, you may be able to increase your share (referred to as Staircasing) until you own a 100% share in the property.

Initially, you may be able to buy anything between 25% to 75% depending on financial circumstances. The benefit of buying a shared ownership property is that it allows you to get on the property ladder at a lower initial cost than purchasing a property outright.

For further information on whether shared ownership is suitable for you, please see

www.homesandcommunities.co.uk or www.affordablehomeownership.co.uk

For a no obligation and friendly discussion on shared ownership, please contact Ganesh Menon by e-mail on ganesh.menon@rosscoates.co.uk or telephone 01473 695453

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