A shared ownership may seem like an interesting decision from a financial perspective, but it helps to understand the bigger picture, and what you’re getting yourself into. It is crucial to fully understand the legal rollercoaster of co-owning a property before purchasing it with a partner or friend. Opting to live in the property or renting it out as an investment are one of the major implications that need to be understood.
What is Shared Ownership?
How can you buy a property with shared ownership?
- Must be a first-time buyer
- Must own a home, but cannot afford to buy one now
- Must be an existing shared owner
- Must rent a council or housing association property
What is the process of buying a property?
We ensure that both you and your lender are well-protected as we make a detailed search on the property that you are interested in. The searches must not be confused as a survey. We suggest having a survey carried out as searches are a desk-based collation of documentary data on legal matters which could affect the property while the survey is done by a qualified surveyor and inspected physically. This is outside the scope of the legal process and you should make arrangements with a surveyor.
Exchange of contracts
Contracts are entered into at exchange of Contracts where the solicitors for each party agree (usually over the telephone) that Contracts are then and there exchanged, at which point in time the obligations under the Contract become binding on both parties to the Contract. The price, date and the machinery of completion are determined here.
Completion date
The completion date is the date on which the Contract will be completed. This is the date on which everyone is expected to pay the balance of the monies and also to move and thus to gain possession of the property they are buying or move out if selling. Please note that as the transfer of the balance of the monies can only take place on a day when banks are open and willing to undertake the funds transfer, this means that completion (and thus the moving date) must take place on a working day and cannot take place at a weekend or on a bank holiday or public holiday.
Why do you need DV Solicitors to help even after completion?
Selling your shared property
How much will it cost me?
Property Purchase
Please note all prices below are exclusive of VAT. The fees listed are our average fee ranges for a purchase transaction. The fee (including additional fees and disbursements) may vary depending on the source of the instruction, your solicitor’s experience and location, the property price and what work we are required to do.
Property Sale
How to Get in Contact

Sharing the Love

“I just wanted to say a massive thank you from me and Louise for all of the hardwork you have put into our sale. You have gone beyond and above in all areas of our transaction. If all solicitors would be as proactive as you we would all be in a much better place that’s for sure!”