Shared Ownership Solicitors

Shared ownership schemes have become a popular way for individuals with lower incomes or smaller deposits to get onto the property ladder. Despite its growing popularity, shared ownership remains a specialised area of property law that not many solicitors fully understand. At HM & Co. Solicitors, our shared ownership experts have the expertise and experience to guide you through every step of this process, ensuring your transaction is as smooth and stress-free as possible.

Why Choose HM & Co. Solicitors for Shared Ownership?

With years of experience in shared ownership conveyancing, HM & Co. Solicitors are uniquely positioned to provide clear and practical advice tailored to your needs. Our team understands the intricacies of shared ownership agreements, offering hands-on support to navigate the legal complexities involved.

From the moment you engage with us, we’ll handle all the necessary paperwork, ensure you fully understand your responsibilities, and keep you informed throughout the process. Whether it’s your first shared ownership transaction or you’re dealing with a dispute, our team is here to make the experience as seamless as possible.

Comprehensive Shared Ownership Legal Support

Our dedicated team of shared ownership solicitors provides expert advice across a wide range of issues, including:

1. General Legal Advice

We offer clear and straightforward legal guidance tailored to your shared ownership journey, ensuring you understand your options.

2. Sales and Purchases

From initial agreements to final completion, we oversee the entire process, ensuring every detail is addressed.

3. Shared Ownership Agreements

We review and advise on agreements to ensure they are fair, legally sound, and suitable for your circumstances.

4. Mortgages and Financing

Navigating the financial side of shared ownership can be tricky. We’ll assist in understanding your mortgage options and securing the best terms.

5. Property Disputes

Whether it’s a disagreement with a housing association or another party, our solicitors work diligently to resolve disputes swiftly.

6. Property Valuations

We liaise with trusted professionals to provide accurate valuations required for purchasing or selling shared ownership properties.

7. Staircasing

Our solicitors specialise in “staircasing” transactions, helping you increase your ownership shares efficiently and cost-effectively.

8. Compliance

We ensure your shared ownership property meets all legal and regulatory requirements, safeguarding your investment.

Affordable and Transparent Solicitor Fees

At HM & Co. Solicitors, we believe in offering competitively priced legal services without compromising on quality. Our fees are based on the nature of the legal assistance required, and we are always happy to discuss pricing with you upfront to ensure full transparency.

Get in Touch with Our Shared Ownership Solicitors

If you’re considering a shared ownership property or need assistance with an ongoing issue, contact us today to benefit from our expert guidance.

  • Visit us: 186 Lower Road, Surrey Quays, London SE16 2UN
  • Call us: 0207 112 8180
  • Email us: info@hmsolicitorsltd.com
  • Contact form: Fill in our online form, and a member of our team will be in touch shortly.

Whether you’re purchasing your first shared ownership home, increasing your stake through staircasing, or addressing a legal issue, HM & Co. Solicitors are here to provide trusted advice and support every step of the way.

Your Questions, Answered

FAQs

FAQs on Shared Ownership

1. What is shared ownership?

Shared ownership allows individuals to purchase a portion of a property and pay rent on the remaining share to a landlord. This is facilitated through the shared ownership scheme and is an alternative for those unable to afford the full deposit and mortgage payments. Our shared ownership conveyancing solicitors can guide you through the process and help determine if it suits your situation.

 

2. Who qualifies for shared ownership?

Shared ownership schemes are designed to assist first-time buyers or those with limited finances who wish to become homeowners. Eligibility criteria typically include having a household income, being a first-time buyer, being unable to afford full ownership, meeting local residency requirements, and being at least 18 years old. Additionally, applicants may need to demonstrate a positive credit history.

 

3. How do you buy a shared ownership property?

To purchase a shared ownership property, follow these steps:

  • Check your eligibility based on the scheme's criteria.
  • Search for available shared ownership properties and arrange viewings.
  • Submit an application for your chosen property, including financial documents.
  • Once the property is valued, you will receive an offer detailing the share you can purchase, the cost, and monthly rent.
  • Secure a mortgage and hire an experienced shared ownership solicitor to manage the conveyancing process.
  • Upon completion, you will be responsible for rent and any service charges.

Our shared ownership solicitors can assist you at every stage of the process.

 

4. How can you increase your share of a shared ownership property?

You can gradually increase your share of a shared ownership property through a process called "staircasing." This involves purchasing additional shares, usually in blocks of 10% or more, which reduces the rent you pay on the remaining share. While staircasing can be done multiple times, it incurs fees, so it is often more cost-effective to buy larger shares in fewer transactions.

 

5. Are shared ownership properties leasehold?

Yes, shared ownership properties are typically leasehold. This means the homeowner owns the property for a set lease term but not the land it is built on, which is usually owned by a housing association or developer. Lease terms commonly range from 99 to 125 years. Due to the complexity of lease agreements, it’s important to consult a shared ownership solicitor to understand your rights and responsibilities.

 

6. How do you sell a shared ownership property?

Selling a shared ownership property involves a slightly different process compared to selling a fully owned property:

  • Inform your housing provider of your intent to sell.
  • The provider typically has two months to market the property to potential buyers.
  • If no buyer is found within this period, you can sell the property privately or through an estate agent.
  • A property valuation and associated fee are required.
  • Complete a contract of sale and provide the details of your shared ownership solicitor.
  • If the property was purchased jointly, all parties must sign the contract.

 

7. How does Stamp Duty work on shared ownership properties?

When purchasing a shared ownership property, you have two Stamp Duty options:

  • Pay Stamp Duty on the full property value upfront: This means you won’t need to pay again, even if you later purchase additional shares.
  • Pay Stamp Duty only on your initial share: This reduces initial costs but may result in higher Stamp Duty payments as property value rises and you buy additional shares.

The best choice depends on your financial circumstances. Our shared ownership solicitors can help you decide which option is most suitable for you.

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