Shared Ownership Solicitors

The benefits of shared ownership for first-time buyers and movers

There are multiple benefits to purchasing a shared ownership property. Below we have outlined some of the key benefits. 

• Instead of buying a home outright, you purchase a share (normally between 25% and 75%). 
• You do not need to provide such a large deposit when purchasing a shared ownership property. 
• You can normally buy further shares in the property until you own 100%. This is an ideal alternative to needing to borrow funds from a family member or other lenders.
• Shared ownership home schemes are governed by the Homes & Communities Agency and housing has to meet stringent Government guidelines. This means that properties may be more spacious and have better green credentials.
• Shared ownership isn’t just limited to new builds, you can also purchase existing homes under the scheme or properties that are suited for specific needs. 

Important considerations surrounding shared ownership

As with any property purchase, it is important to ensure you fully understand the details surrounding the purchase, and this is where a competent conveyancing Solicitor is invaluable. 

For example, the remaining share of the property that you do not own will still be owned by a recognised Housing Association, of which you will need to pay rent on (this is often subsidised). 

You will also still be required to pay the usual costs associated with the building, including any service charge or the costs of repair work. 

There may also be restrictions on how you can go about selling your part, meaning that you may not be able to list the property for sale with an estate agent. If you are considering a shared ownership purchase, our trained conveyancers will ensure that you are clear on every minute detail of the transaction so you can rest assured it is the right option for you. 

Who is eligible for shared ownership? 

Shared ownership is currently available if you meet either of the below criteria: 

• Your combined household income is £80,000 or less per annum (£90,000 in London). 
• You can show that you are unable to afford the full deposit or mortgage payments on a house that meets specific needs of the buyer(s).

In addition, you must be: 

• A first-time buyer
• You have previously owned a home but are not able to buy one now 
• You are forming a new household 
• You are an existing shared owner but want to move to a new home 
• You currently own a home that is no longer fit for your needs, but cannot afford to buy a suitable alternative.  

Shared ownership process

Once you have confirmed your eligibility, you will need to contact a shared ownership property association to arrange viewings at suitable homes. Once you have found a home you wish to purchase, you may be required to pay a small fee to reserve it (this comes off the cost of the deposit, or is returned should the purchase fail to complete). You will then need to seek the services of a competent conveyancing Solicitor to complete the transfer of ownership and pay the relevant deposits and any associated fees.

Why choose Eric Robinson Solicitors? 

Shared ownership agreements can be complex, however our shared ownership conveyancing Solicitors are here to help you.

Our team make sure that: 

• The clauses in our clients’ contracts, mortgage offers and Stamp Duty Land Tax returns all comply with your shared ownership scheme requirements. 
• You receive advice on all aspects of your shared ownership case. 
• You pay a fixed fee for our conveyancing services across the duration of the transaction and work conducted, meaning no surprises. 

We are also members of the Law Society’s Conveyancing Quality Scheme, meaning we are always up to date with the regulations and documentation involved in shared ownership schemes. Our Solicitors have extensive experience both in acting for Housing Associations in connection with shared ownership schemes throughout the South East and London, and in acting for individuals buying a new-build or existing shared ownership property. 

We are a firm which is authorised and regulated by the Solicitors Regulation Authority, and are experts when it comes to the details of buying additional shares, which is an area known as ‘staircasing’.

Do not forget to check out our Top 10 Tips with regards to Shared Ownership.

Get in contact today 

If you would like to speak to one of our shared ownership Solicitors, please don’t hesitate to get in touch with one of our local branches. 

At Eric Robinson Solicitors we use the latest paperless technology to provide a bespoke VAT inclusive conveyancing quote for shared ownership costs and, once we are in receipt of your instructions, we will ensure that we keep you fully informed of progress throughout the entire process.

To speak to us and find out more, get in touch with one of our local branches at the following locations: Southampton, Hedge End, Chandlers Ford, Winchester, Lymington, or Richmond Upon Thames.