Shared ownership schemes have helped many people who wouldn’t ordinarily have afforded a property to get themselves on the property ladder and you could be the next person to take that step with the help of Farleys’ shared ownership property specialists.
What is Shared Ownership?
Shared ownership schemes are usually run through Housing Associations or Registered Social Landlords. They allow a buyer to purchase the percentage of a property, often funded through a mortgage, while paying rent on the remaining share, sometimes with the option of buying further percentages of the property until they own it outright (known as staircasing).
Why Do I Need a Shared Ownership Solicitor?
The terms and conditions involved in shared ownership agreements can be complex so it is vital you consult an expert at the earliest opportunity. Your solicitor or conveyancer can assist you to ensure your mortgage offer, contracts, and Stamp Duty Land Tax all comply with the shared ownership scheme requirements. Shared ownership properties are often sold as leasehold as opposed to freehold so your solicitor can talk you through the implications of this and ensure you will not be disadvantaged by this.
Who Qualifies for the Shared Ownership Scheme?
To qualify for shared ownership, you must:
Earn less than £60,000 a year as a combined household (outside of London)
Be a first-time buyer or a previous home owner but now no longer able to afford to buy a home
Be aged under 55 (there is a separate shared ownership scheme for the over 55s called “Older People’s Shared Ownership” where the buyer is eligible to by up to 75% of the home.)
Shared ownership schemes can be open to people who are currently renting a property from the council or housing association.
Why Choose Farleys?
Farleys’ team of residential property solicitors and conveyancers pride themselves on providing legal expertise with a down to earth approach. They cut out the legal jargon and get the job done with minimum stress for clients.