Shared ownership can be a fantastic option for some people to get on the property ladder, often allowing them to purchase their first property much sooner than more traditional methods. Shared ownership involves buying a share of your home (between 25% and 75% of the home’s total value) and paying rent on the remaining share, taking out a mortgage to pay for your share of the property’s purchase price. Shared ownership homes are usually purchased from a Housing Association.
There are a wide variety of shared ownership schemes available, all of which share common features, such as the buyer paying a reduced percentage share of the property. Many of these schemes often have quite complex terms and conditions, however, and not all mortgage lenders offer mortgages for shared ownership properties.
If you are considering buying a shared ownership home, our residential property team here at PDA Law can give you expert advice on all matters of conveyancing, including transfers of equity and exchange of contracts, through to more specific issues regarding shared ownership homes, such as all the various schemes and mortgage options available. Our team have extensive experience of transferring property throughout the entire Chester area.
To talk to a member of our residential property team, contact PDA Law today on 01244 373 373. Alternatively, fill out our online contact form and we will be in touch at a time that is convenient for you.
As your conveyancers, we will undertake a wide range of the responsibilities involved in the purchase of a shared ownership property. Some of these services include:
- Advice on which particular shared ownership scheme is right for you
- Advice on shared ownership mortgages
- Exchange of contracts
- Conveyance searches
- Raising any enquiries that result from search reports with the seller’s conveyancer
- Producing a report on the mortgage lender’s offer
- Advice on the terms of your shared ownership lease
- Advice on stamp duty land tax
- Advice on any relevant Will issues
- Advice on tax issues, such as capital gains tax or inheritance tax
- Land registry searches
- Transferring any deposits
- Transferring the balance of the purchase price on the day of completion
Why PDA Law?
At PDA Law, we are committed to offering a friendly, professional and efficient legal service. Headed by renowned solicitor Sea Watts, our residential property team has achieved outstanding results for many clients purchasing shared ownership properties. We are dedicated to helping you with all the legal issues of purchasing your property, from initial notice all the way through to completion.
If you are considering purchasing a shared ownership property and need help or legal guidance, contact PDA Law today on 01244 373 373, or fill out our online contact form and we will get in touch at a time that’s convenient for you.