If you’re buying a home through Co-Ownership in Northern Ireland, our conveyancing solicitors can help with the legal process.
What is Co-Ownership?
Co-Ownership is a shared ownership scheme that helps people in Northern Ireland buy a home when they cannot afford the full purchase price.
Most people buy between 50% and 90% of the property with a mortgage, and Co-Ownership NI buys the rest. You pay your mortgage as normal and pay rent to Co-Ownership on their share. This rent is usually lower than what you would pay to rent a similar property on the open market.
Over time, you can choose to buy more of the property until you own it fully. There is no fixed timeline for this, and you can do it when it suits you.
Many first-time buyers use Co-Ownership as a way to get a foot on the property ladder with a smaller deposit and lower monthly costs.
Co-Ownership Eligibility Criteria
You can apply for Co-Ownership on your own, with a partner, or with someone else you plan to live with. It doesn’t matter if you’re married, unmarried, or related as long as all applicants meet the requirements and intend to live in the home.
Some of the key eligibility points include:
- You must be at least 18 years old
- You must live in the UK and have the right to remain
- You cannot currently own another property
- You must plan to live in the home, not rent it out
- You must not have significant outstanding debt
- Your household income must fall within Co-Ownership NI’s limits
- The property must be suitable and under the scheme’s price cap (currently, the maximum property price is £210,000)
For full and up-to-date criteria, visit the official Co-Ownership NI website.
Co-Ownership Conveyancing Process in Northern Ireland
If you’re not sure how the Co-Ownership process works, we offer a free consultation to talk you through it. Most people get in touch after they’ve been approved by Co-Ownership NI and had an offer accepted on a property.
Here’s how the process usually goes from there:
- Instructing us as Your Solicitor
Once you’ve had an offer accepted and Co-Ownership NI approval, you appoint us to act for you. We handle all communication with Co-Ownership NI, your mortgage lender, and the seller’s solicitor. - Receiving the Co-Ownership Instructions
Co-Ownership NI sends us their legal pack. This includes the shared ownership agreement and any conditions. We go through these with you so you know what to expect. - Contract Review and Legal Checks
We check the contract, title, boundaries, and planning history. We also carry out searches with Land Registry and local authorities. - Signing the Documents
We explain the documents clearly before anything is signed. You’ll sign the contract, mortgage deed, and Co-Ownership agreement when you’re ready. - Completion
We agree on a completion date with all parties. On that day, funds are transferred and the property is legally registered in your name.
Why Choose Us for Co-Ownership?
We’re on the Co-Ownership NI solicitor panel (NICOHA), which means we deal with these cases regularly and know the process well. When you use a panel firm like ours, part of your legal fees is usually covered by Co-Ownership NI, meaning there’s no extra cost to you.
As part of our service, we can help with:
- Free no-obligation consultation
- Contract review and legal guidance
- Direct communication with Co-Ownership NI, your lender, and the seller’s solicitor
- Advice on new builds, gifted deposits, and non-standard properties
- Legal compliance checks and property searches
- Completion and registration of ownership
Our Co-Ownership Conveyancing Solicitors
Sean McQuaid
Sean qualified as a Solicitor in 1984 after graduating from Queen’s University Belfast. With over 35 years’ experience, Sean works across all areas of conveyancing, in both residential and commercial property.
Kerry Doran
Kerry is a Conveyancing Solicitor who graduated from Queen’s University Belfast in 2011. With over 10 years experience, Kerry specialises in all areas of conveyancing, including commercial real estate and property disputes.
For expert legal advice on Co-Ownership, call Sean or Kerry on 028 9446 1509.
FAQs
How long does co-ownership take in Northern Ireland?
The full co-ownership process usually takes between three to six months, from the initial Co-Ownership application to receiving the keys. We know buyers are often working to tight timelines, so we deal with the conveyancing promptly and keep in close contact with Co-Ownership NI, your lender, and the seller’s solicitor to avoid unnecessary delays.
Can I increase my share in the property later?
Yes, this is called “staircasing”. It means you can buy more of the property from Co-Ownership NI when it suits you, until you fully own your house. There is no set schedule, and you decide when and how much to increase your share. We regularly help clients with staircasing and can guide you through the process when you're ready.
Do I need a mortgage for my share?
In most cases, yes. You’ll usually need a mortgage to cover the share of the property you’re buying. Your lender will assess what you can afford, and Co-Ownership NI will take that into account as part of your approval.
What happens if I want to sell?
You can sell your home at any time, even if you haven’t bought out Co-Ownership NI’s share. Before the sale goes ahead, Co-Ownership NI will arrange a valuation and confirm what percentage of the property they still own. Their share of the sale price is then paid to them directly.
Can I use Co-Ownership to buy a new-build home?
Yes, Co-Ownership NI allows you to buy a new-build home as long as it meets their criteria. Many developers in Northern Ireland are familiar with the scheme, which can help the process run more smoothly. We can advise you early on whether a particular new-build is likely to be accepted.
How much do co-ownership legal fees cost?
When you use a solicitor on the Co-Ownership NI panel like us, part of your legal fees is usually covered by the scheme. This helps reduce your overall costs. We’ll provide a clear quote at the start so you know exactly what to expect.
Should I create a will after purchasing a home through co-ownership?
We recommend making a will once you’ve bought a home through Co-Ownership. Owning part of a property means it becomes part of your estate, therefore a will helps you decide what happens to your share in the future. Many of our clients choose to draft a will with us after their purchase is complete, and we can help with that when the time comes.
Contact Our Co-Ownership Solicitors Today
If you’re interested in buying a home through Co-Ownership and need legal advice, contact us for your free, no-obligation consultation.
We look forward to hearing from you.
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