How Andrew & Andrew can help with the shared ownership process
Shared ownership is a government scheme designed to assist people when they are buying a home. It allows people to buy a portion of their home – typically between 25% and 75% – and pay rent on the rest. They have the option to buy a bigger share of their home as time goes by. This helps people who might not otherwise be able to do so to get on the property ladder.
Andrew & Andrew have experience acting as conveyancing solicitors in Portsmouth on behalf of buyers who are entering into a shared ownership scheme. Much of the process is similar to a normal property purchase, with a little extra paperwork thrown in.
Benefits and challenges
When Andrew & Andrew is acting as your conveyancing solicitors in Portsmouth, we like to make sure that you have all the facts even if some are more challenging than others. We know that this inspires confidence and ensures you can enjoy the benefits while being able to prepare for any other aspects that might present more difficulty.
Shared ownership is great for making housing affordable. It means you can get on the property ladder sooner and that you need a much smaller deposit than with a conventional house sale. You can eventually make your way towards full ownership through a process known as staircasing.
On the other hand, shared ownership means that you do not wholly own your home for some time. You are at risk of eviction as a tenant if you do not keep up repayments as well as being liable for repossession of your home. The whole conveyancing process can take a little longer and cost a little more because there is a lease involved as well as the usual documentation. There are sometimes conditions involved that you have to meet before selling on the open market.
Andrew & Andrew are happy to assist you with a shared ownership purchase or sale. We can talk through all the details with you and take the best course of action to ensure you are happy with the outcome when we act as your conveyancing solicitors in Portsmouth.