Alistair Darling announced more generous rules on schemes offering key public sector workers, social tenants or those on council waiting lists the opportunity to part-buy a home. The Government says shared equity and shared ownership has helped 95,000 people on to the property ladder since 1997. With banks inflicting ever tighter lending restrictions the rise of shared-ownership looks set to boom.

So how does it all work?
New Build HomeBuy is the name of the Government's shared-ownership scheme. Initially, you can buy a minimum of 25% and a maximum of 75% of the property. You raise a mortgage for the share that you want to purchase and pay an “affordable rate” of rent on the share that you do not own.

You can buy further shares in the property when you are able to afford it, until you own it outright. Buyers are restricted to properties sold through housing associations, but this should not put you off. Many are high-quality newly built flats, ideal for first-time buyers. The Government has found sites for 70,000 new homes this year, in addition to the 40,000 under construction.

We have joined forces with Thames Valley, Notting Hill and Shared Horizons to specialize in Shared Ownership Legal Services and Affordable Housing.

If you would like to know more about how stamp duty works or anything relating to shared ownership - including staircasing and resales.... please contact us. Click here to read a recent case study:

Details taken from Times Online Click here to read the article.