JM Conveyancing are your specialist Shared Ownership Conveyancers
A specialist area of leasehold conveyancing where safe, experienced hands are required.
What is Shared Ownership?
A shared ownership scheme is when buyers purchase a share of a property, usually from a housing association (HA) or registered social landlord (RSL) predominantly after securing a mortgage and means a buyer shares the ownership with a Housing Association or Registered Social Landlord.
As most schemes will allow a buyer to pay more on the property as their circumstances change, often this will lead people to eventually request to purchase the remainder of the share down the line.
As certain lenders have specific requirements that must be met before they will lend money to a buyer on these schemes, there are a myriad of complicated terms and conditions that are attached, as such, it’s vital you have an experienced team of conveyancing and shared ownership solicitors deal with your scheme.
What is the Shared Ownership conveyancing process?
Shared ownership conveyancing involves the legal process of buying a share in a property with the possibility of eventually owning it outright. This type of conveyancing is complex and requires a specialist conveyancer to advise on the terms and conditions of the shared ownership scheme, carry out searches, decipher the lease for you, help you make your choice on stamp duty and handle the transfer of ownership from the seller to the buyer.
There is some information about Shared Ownership stamp duty choices here
Why Choose Us:
With many years of experience in handling shared ownership schemes we can offer the best advice whether you are looking to start a shared ownership scheme or are already taking part and wish to increase your share in the property.
We aim to take all of the stress and anxiety out of buying a home, including anything to do with shared ownership schemes, making sure you are kept up to date through every stage of your case and that everything is explained in plain English so there are no surprises further down the line.
Shared ownership schemes are not right for everyone, and not everyone will be eligible for a scheme like this.
Shared ownership schemes are designed for those who are unable to buy a property in a standard way, and provide an opportunity for some people to get onto the ladder who might not otherwise be able to afford it.
There are many benefits to shared ownership schemes, but it’s important to speak to those with specialist understanding of the pros and cons of these schemes, to ensure that it’s right for you and your circumstances before you commit.
It’s great way of getting first time buyers on the property ownership ladder but you need experienced guidance.
JM Conveyancing can help and we are ready to take your call on 01302 431433 (or email [email protected]) we can offer a fixed, no hidden fees quote so there are no surprises!