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Solicitors for Shared Ownership

Shared ownership schemes have helped many people who couldn't otherwise afford property get on the property ladder. With our help, you could be the next person to own property in the UK.

If you’re seriously considering owning property in a shared ownership format, understanding shared ownership conveyancing is crucial. Conveyancing solicitors London can help you understand the process, advise you, and complete it smoothly and efficiently.

What is Shared Ownership?

Shared ownership schemes are usually run through Housing Associations or Registered Social Landlords. The schemes allow a buyer to purchase the percentage of a property, often funded through a mortgage, while paying rent on the remaining share.

Sometimes, the option of buying further percentages of the property until they own it outright is available. This is called staircasing.

Who is Eligible for Shared Ownership?

Certain conditions must be met before qualifying for shared ownership. Some of these conditions include the following:

  • You’re a first-time buyer
  • You used to own a home but can no longer afford to buy one
  • You already own a house under the shared ownership scheme.

In addition to the above-listed requirements, your combined household income must be less than £80,000 per year and £90,000 in London.

What is the Shared Ownership Conveyancing Process?

Once you’re certain the property you’re going to purchase is a shared property, you need to start preparing to purchase the property.

The first step is to have a mortgage in place, and once the ball starts rolling in the process, there are strict conveyancing steps that must be followed that are specific to shared ownership. Some of the steps involved in the process include the following:

  • Step 1: The housing provider will issue your solicitor with a ‘Memorandum of Sale' summarising the details of your proposed purchase.
  • Step 2: Your solicitor will draft an exchange contract and liaise with the housing provider to create one that works for both parties.
  • Step 3: When the contracts are exchanged, you will be legally bound to buy the property, and the housing provider will be legally required to sell it to you.
  • Step 4: You will receive a completion date of r completion on notice from the housing provider, which tells you when the completion of the sale will take place.
  • Step 5: On your completion date, the mortgage lender will give the money to buy your home to your solicitor, who will pass it on to the housing provider's solicitor.
  • Step 6: At this stage, you're officially the owner of the property, and all you need to do is collect your keys from the housing provider.

After the completion, the shared ownership conveyance solicitor will help you with the registration and acquisition of the title and everything else required to complete the conveyance process.

How Long Does Shared Ownership Conveyancing Take?

The length of time it takes to purchase a shared ownership property depends on several factors. These factors include the length of time it takes to arrange a mortgage and how quickly your shared ownership conveyancing solicitors can process the sale.

The conveyancing process usually takes about two months. However, any complications that arise during this process could lengthen the time it takes for your house purchase to go through.

Why You Should Work with TTS Shared Ownership Conveyance Solicitors

Working with the right shared ownership conveyance solicitor can make a world of difference and make an otherwise tedious process easier and smoother. With our help, you can also enjoy purchasing your first home.

Here are some of the reasons why working with TTS Solicitors is the best decision you can make during this process.

  • Fast and Efficient: When working with a solicitor, you need them to be quick and efficient. Whether it is communication or document acquisition, you need the solicitor to be efficient. At TTS Solicitors, we have digitised most of our processes to make them easier and faster and also allow us to serve our clients most efficiently to ensure better experiences and timely service delivery.
  • A Dedicated Shared Ownership Solicitor: We understand that the shared ownership conveyancing process is slightly different and has specific requirements. To give our clients the best results and chances of having the smoothest process, we pair you with dedicated shared ownership solicitors who understand the process and are readily available to you when you need them. Pairing you with specialist solicitors also ensures you get the right expert advice and the most competent professionals guiding you through the process.
  • Efficient Communication: Another reason to work with TTS Solicitors is our ease of communication. You can reach us through various platforms, including phone calls and emails, and you also get access to our app, which gives you access to your account, where you can keep tabs on the progress of the conveyancing process at all times. This ensures effective communication and maintains easy channels for our clients to reach out to us at any moment, depending on their needs.

Investing in property is a huge step. Your property purchase will most likely be your biggest investment, and we understand how important this is for you. That is why we don't hold back pairing you with the right solicitor who will do everything it takes to ensure the process is successful and has the fewest hitches possible.

With our experience, training, and skills, you will have a solicitor who ensures your interests are protected. The solicitor will handle all the legal details so you can enjoy the process.