Shared ownership may seem like an interesting decision from a financial perspective, but it helps to understand the bigger picture and what you’re getting yourself into. It is crucial to fully understand the legal rollercoaster of co-owning a property before purchasing it with a partner or friend. Opting to live in the property or renting it out as an investment is one of the major implications that need to be understood.
To qualify, you must have a yearly household income of £80,000 (or £90,000 a year or less in London) and any of the following apply:
We ensure that both you and your lender are well-protected as we make a detailed search on the property that you are interested in. The searches must not be confused as a survey. We suggest having a survey carried out as searches are a desk-based collation of documentary data on legal matters which could affect the property while the survey is done by a qualified surveyor and inspected physically. This is outside the scope of the legal process and you should make arrangements with a surveyor.
Contracts are entered into at exchange of Contracts where the solicitors for each party agree (usually over the telephone) that Contracts are then and there exchanged, at which point in time the obligations under the Contract become binding on both parties to the Contract. The price, date and the machinery of completion are determined here.
The completion date is the date on which the Contract will be completed. This is the date on which everyone is expected to pay the balance of the monies and also to move and thus to gain possession of the property they are buying or move out if selling. Please note that as the transfer of the balance of the monies can only take place on a day when banks are open and willing to undertake the funds transfer, this means that completion (and thus the moving date) must take place on a working day and cannot take place at a weekend or on a bank holiday or public holiday.
When it comes to selling a shared ownership property, the process depends on whether you have 100% ownership or whether you wish to sell the share that you originally purchased. In either case, you are free to sell the property on – however, the terms of your lease will usually state that the Housing Association has the right to take back the lease or to nominate a buyer for the property. Even if you own 100% of your home, the Housing Association will usually retain its right to buy the property back or to nominate a buyer for 21 years after completion.
Our Conveyance Solicitors offer will provide you with a free initial consultation. Leave everything to us as we handle everything hassle-free for you.
Our fees cover all of the work necessary to complete the purchase of your new property, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property you are interested to buy is in Wales.
Please note all prices below are exclusive of VAT. The fees listed are our average fee ranges for a purchase transaction. The fee (including additional fees and disbursements) may vary depending on the source of the instruction, your solicitor’s experience and location, the property price and what work we are required to do.
Legal Fee: £399 – £4,500
Guidance – Our fees cover all of the work necessary to complete the sale of your property.Please note all prices below are exclusive of VAT. The fees listed are our average fee ranges for a sale transaction. The fee (including additional fees and disbursements) may vary depending on the source of the instruction, your solicitor’s experience and location, the property price and what work we are required to do.
Legal Fee: £399 – £4,500
Our specialist conveyancing team has successfully handled property disputes without stepping foot in Court, and will be able to support you if Court intervention is inevitable.We like to keep our clients informed throughout the process, whilst maintaining a friendly and professional approach. We never leave our clients puzzled about what is happening with their transaction.
Our doors are always open for you, come at any time and have a cup of tea with us!