Shared Ownership conveyancing, sales and purchases are more complex than buying or selling a traditional residential property. Our solicitors will make sure you fully understand what you’re buying into, that your interests are protected and your purchase goes ahead smoothly.
Shared Ownership gives first time buyers and those that don’t currently own a home the opportunity to purchase a share in a new build or resale property. The buyer pays a mortgage on the share they own, and pays rent to a housing association on the remaining share. It’s often referred to as ‘part buy, part rent’. As with any property purchase, you’ll need an experienced solicitor to manage the conveyancing:
- We’ll review the contract pack from the seller/Housing Association’s solicitor to ensure you fully understand the terms of the agreement
- We’ll begin searches, investigate the legal title (to ensure that the party selling the property has the right to do so) and raise any relevant enquiries and issues
- We’ll liaise with your mortgage lender, deal with their requirements and request the mortgage funds in readiness for completion
- When all enquiries and the results of searches are answered satisfactorily, we’ll propose a completion date
- We’ll complete the Stamp Duty Land Tax forms and organise payment, as well as manage the transfer of mortgage funds as appropriate