Shared ownership with conveyancing solicitors in Portsmouth
Conveyancing solicitors in Portsmouth can help you to purchase a property in shared ownership thanks to their vast experience and knowledge in this field. It is a little more complex than more standard procedures because they have to review the complicated lease between you and the housing association along with reviewing your conditions to the freeholder.
This means that a standard shared ownership contract may take slightly more time to go through than others because of the delays caused by many different parties being involved.
Some aspects that our clients do not think about at times, and which can cause disruption to the process, is that contracts may also contain restrictive arrangements that need to be discussed and smoothed out; an example being a clause stating shared house owners do not allow the keeping of pets. In order to minimise costs and to shorten wait times and possible delays, we encourage individuals to talk through restrictive arrangements together before involving their conveyancing solicitors in Portsmouth. That way, such concepts can be quickly agreed to and signed off without the need for debate or mediation.
What is shared ownership?
A shared ownership programme is when buyers purchase a share of a property, usually from a housing association or registered social landlord. Shared ownership programmes are designed to enable people with lower income wages to acquire a property with a lower deposit by sharing ownership with others.
Shared ownership means that you buy a primary share of your property, beginning with 25% to 75% of the full property value, and the housing association or another individual owns the rest. For the part owned by the housing association you will have to pay a monthly rent.
You are not restricted on the kind of property you can buy, you can purchase a new building or an existing shared ownership property that is being sold as a resale. You buy your primary share via a deposit and a shared ownership mortgage.
What if you are buying into a shared property agreement on a new build?
If you are buying a shared ownership property that is a new build then the process can be a little more stressful, costly and time critical. You’ll normally have to pay a reservation deposit and the Land Registry fee doubles because you are buying a new build.
With regards to new builds, contract exchange usually takes place in twenty eight days. However, completion could be months after. For resales, the process is less time sensitive because you are buying a property that has already been registered.
Why choose us?
With over sixty years of experience, your conveyancing solicitors in Portsmouth have the skills and patience to guide you through the process, giving you explicit and transparent details of what is involved and what is expected of you. We insist on very competitive fees and ensure that you are made aware of any legal and financial involvements that a shared ownership agreement comes with.