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Our Services
Affordable Housing Explained | Who Can Buy a Shared Home | Can I Buy More Equity In My Home | Initial Costs | How Do I Apply | Next Steps

GTC Law has been assisting Sellers and Buyers under the varying Affordable Housing Schemes for over 20 years.

Accordingly we have a wealth of experience to draw on when working with you to ensure that you achieve the desired outcome for your property transaction.
All case workers in the Affordable Housing department are legally qualified and understand the time limits invariably involved in your transaction.
In particular, we have vast experience in working to tight deadlines for both off plan and build complete developments. We will work with you, the Housing Association and Mortgage advisor to meet all targets imposed and to ensure that you buy the property you desire and that you understand the whole process and the Affordable Housing Scheme applicable to your sale or purchase.

Shared Ownership

You will buy your home on a lease which will normally be 99 to 125 years for new homes. If you are buying a second hand property, the length of your lease will be based on the number of years remaining since the original lease was first issued. If the property is a house and you later decide to buy it outright you are normally given the freehold. You will initially own a share in the property normally at least 25% although it may be possible to buy a larger share at the outset if your financial circumstances permit. This is sometimes known as owning a share in the equity of the property. You will pay a subsidised rent on the remaining equity in the property.    

You may sell your home whenever you choose just like any other home owner. However, to make sure that your home can then be made available to others who cannot afford to buy outright, the housing association will have the right to find a buyer for your home.
There may be a small fee for this service although it is less than you would normally pay an Estate Agent. If the housing association is unable to find a purchaser within the period specified within your lease, you are then free to make your own arrangements to sell your home.
The housing association will instruct an independent valuer from the Royal Institution of Chartered of Surveyors to determine the current value of your home if you decide to sell. You will have to meet the cost of this valuation and the price you sell your equity for will be based upon this valuation.  

Deposit on Exchange of Contracts
When you exchange contracts on your new home you may be asked you to pay a further deposit to the housing association. This will be added to the holding/administration fee you have already paid to form a total deposit on exchange of contracts. When you complete your purchase this will normally be deducted from any rent and service charge payable and any remainder from the purchase price.


If you have taken out a mortgage to buy your home there will be a monthly mortgage payment to the lender. There will also be the monthly rent to a housing association on the part you do not own. With some properties, usually flats, there will also be a service charge payable to cover the cost of maintenance and repair of the main structure and any communal areas. The service charge is payable even if you should decide to buy your property outright in the future.
The housing association will also have to take out buildings insurance on your new home and will recharge the cost of this to you, usually through your service charge. 

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