Shared ownership
Guidance on how shared ownership makes it possible to own your home – even if you feel priced out of the property market.
How shared ownership works
Shared ownership is an affordable scheme designed as a stepping-stone to outright ownership if you can’t afford to buy a home on the open market.
Under the shared ownership scheme, you part-own and part-rent your home. This allows first-time buyers and families to get on the property ladder.
With an L&Q shared ownership home, you start by buying a share in your new home and have a lease agreement with the freeholder.
A lease is a legal document that proves you own part of your home and sets out conditions, such as how often your rent and service charge goes up and by how much.
The minimum share you can purchase is 25% and the maximum is 75%. You usually pay a mortgage on the part you own and a subsidised rent on the part you don’t own.
As your income rises, you can increase your share until you eventually own 100% and no longer pay any rent to L&Q. This process is known as staircasing.