The Shared Ownership Scheme was created with the aim of helping buyers, often first-time buyers, to get onto the property ladder.
Under the scheme, you purchase a share of a house or flat from a Housing Association, normally with the help of a mortgage, and then pay rent to the Housing Association for the remaining share that it still owned by them, as well as mortgage payment to the mortgage lender.
You should be able to buy additional shares in the property, which is called ‘staircasing’, and can eventually purchase the full 100% ownership of the property.
The Shared Ownership Purchase conveyancing process can be quite complex, but rest assured that we shall always aim to ensure that the process you embark upon is clear and straightforward.
We have long established relationships with mortgage lenders and Housing Associations and have experience in dealing with their processes and requirements, which can sometimes seem confusing and long-winded.
Although it is difficult to give you an exact timescale of when things will be completed, please be assured that your solicitor will keep you updated at all times and will be working to ensure your Shared Ownership Purchase is finalised as soon as possible.
For an informal chat about how T G Baynes can assist you with your Shared Ownership Purchase or to make an appointment please call any of our offices on 01322 295555 / 020 8301 7777 / 01689 886000 or email firstname.lastname@example.org.