Joint Ownership

Mortgages for joint ownership

Joint Ownership in the context of residential property is quite simply where more than one person owns a property together. If the joint ownership of the property involves a mortgage, then the mortgage will be on the basis of 'joint and several liability'. That is, all parties to the mortgage are jointly and severally liable for repaying all of the mortgage. For this reason, it is important for all joint mortgages that the applicants consider putting in place a legal agreement setting out each person's share, what happens if one of them wants to move out etc.

At Share to buy, you can submit an agreement in principle application to our mortgage team who have considerable experience of all types of joint mortgage - and don't charge a fee for open market applications - and if you go on to submit a full application, when you receive your Offer we will provide you with the option of our FREE Share to buy legal agreement for joint borrowers.

Legal forms of joint ownership

Of course, share to buy is ultimately a brand name we have chosen for clubbing together to buy a property and while there is a legal agreement involved, it is very sensible to put such an agreement in place but it is not compulsory. However, there are forms of joint ownership that have specific legal grounding. There are two main types, joint tenants and tenants in common.

• Joint tenants: neither party can sell without the other's agreement. If one party dies, the other automatically inherits the other's share. This is ideally suited to married couples or partners buying together who are in a long-term relationship.
• Tenants-in-common: each party can dispose of his or her share, either whilst alive or through a will. This is more appropriate for friends buying a property together, where they do not intend to live together as a couple.

Legal queries on joint ownership - contact our panel of solicitors

With any joint mortgage all borrowers are jointly and severally liable for the whole loan and should consider taking out a legal agreement covering the relationship between the borrowers. At share to buy, we provide a free legal agreement covering these important issues, for example, setting out each person's share in the property. If you have any queries, we have a panel of partner solicitor firms who specialise in joint mortgage applications and are also familiar with the Share to buy legal agreement.

About Share to buy ltd – making housing affordable

Share to buy is dedicated to making affordable housing truly accessible online. At sharetobuy.com you can find affordable homes for sale and information on how to buy them. All the shared ownership properties we display come with a special budget tool to show you the potential monthly cost and required deposit. We also have an in-house mortgage team with huge experience in arranging mortgages for shared ownership including part buy part rent and shared equity, as well as joint mortgages for friends and family members. Finally, we are proud to offer our exclusive open market fee-free joint mortgages from Britannia. For all mortgages we arrange, we donate £10 towards helping homeless people. Register below to be kept up to date on our services, or explore our site using the Tools box beneath.

Shared Ownership Case Studies

Shared ownership in Northampton

Shared ownership in Islington, London

Latest News

Shared ownership properties for sale

16th May 2012

Are you looking for properties for sale through the shared ownership scheme? These are homes where you part buy part rent, meaning that your initial deposit and potentially your monthly payments are somewhat lower than in a normal house purchase. Look no further! We have shared ownership  houses and flats available on the part buy scheme across England. Search our property portal or register for alerts.

Firstbuy shared equity houses in Greater Manchester

16th March 2012

This is your chance to buy a share in a brand new 2, 3 or even 4 bedroom  house and yet own the whole thing from the outset. These lovely houses in Hyde, Manchester are available on the Firstbuy scheme, a Government sponsored shared equity affordable housing scheme that means you can put down a deposit starting from as little as £5,600. More detail here on the 2 bed house, 3 bed house and 4 bed house.

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Tools

• Search: search for shared ownership properties; search for shared ownership mortgages; search for shared ownership solicitors.
• Calculators: shared ownership mortgage calculator; staircasing calculator; open market calculator.
• Apply: shared ownership mortgages; agreement in principle