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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 757325. 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:
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 757325, or fill out our online contact form and we will get in touch at a time that’s convenient for you.
What Our Customers Say About Us
Honestly I would recommend PDA for any agency/landlord deposit dispute. Jane was such a dream to work with and she got me a good compensation. She was quick and responsive throughout the whole process as well as transparent. She kept me in the loop with all correspondence with the agency/landlord. She also knows her stuff. Would recommend PDA law.
It was our first time we dealt with PDA law for our conveyancing. We were recommended to them by the Property agency. We are glad we had a good experience with PDA law, especially during lockdowns and Christmas period. They made sure, they had all the paper-work in place with all searches done in time. They provided us with realistic timescales, so that there is no disappointment towards the end. Looking forward to deal with them in the near future.