Go Total Results:. Login Account. Forgot Password. Stamp Duty holiday extended. Read why some transactions won't complete in time. What is Shared Ownership. Read by: 11, Get a great value Shared Ownership conveyancing quote We specialise in shared ownership and offer every service needed during the provide every service needed including share ownership mortgage brokers, conveyancing solicitors and RICS surveyors.
Call today for a fixed fee quote for any service on local call charges apply or:. Get a Shared Ownership Conveyancing Quote. Shared ownership explained: shared ownership schemes are aimed at enabling people with lower income earners to purchase a property with a smaller deposit by sharing the ownership with a housing association.
This article explains everything you need to know about buying a shared ownership property including click on heading link to move to the section :. For the part that you don't own, you pay a monthly rent to the housing association. The property is either a new build or an existing shared ownership property being sold as a 'Re-sale' through the Housing Association.
You buy your initial share via a deposit and a shared ownership mortgage see below for more information on what type of mortgage you need to get. Once you own you first share, you can look to buy a greater share over a period of time - this is called staircasing read more about how to staircase here.
You can buy any property for sale on a shared ownership basis. Older people - which is called Older People's Shared Ownership. You can find your local Help to Buy: Shared Ownership agent in your area by clicking here. Most online property portals, including Rightmove and Zoopla, have their own shared ownership section. You'll be able to search by:. New build - If you are buying a new build shared ownership property then the process is more stressful, costly and time critical.
You are often buying a property off plan that hasn't been built so make you read this to find out exactly what you need to do when buying a new build. Re-Sale - The process is less time sensitive because you don't have to achieve a 28 day exchange and are buying a property that has already been registered.
You'll need to do a HomeBuyer Survey to check if the property has any wear and tear since the previous owners have moved in. Shared Ownership Mortgages are specific mortgage products which are different to standard mortgages. Mortgage interest rates and mortgage fees can be higher than those offered on straightforward mortgages. If you don't get paid a regular salary because you run your own business read - How to Get a Mortgage for Self Employed.
The mortgage process has 3 stages; mortgage in principle, mortgage valuation and mortgage offer - read more about how to get a mortgage here.
Click to book a Free Mortgage Consultation or call local call charges apply. Shared ownership conveyancing is more complex than standard conveyancing because your solicitor has to review the complex lease between you and the Housing Association along with reviewing your obligations to the freeholder.
Given also that you are part renting and part buying and will have the option to buy an increasing share in your property over time, the contracts involved are far more complicated. Contracts may also contain restrictive covenants which might, for example, prohibit the keeping of pets and so these must be inspected very carefully by your solicitor.
On a new build the exchange of contracts takes place within 28 days or less, however completion could be months ahead from that. Once you've taken up ownership, normally after 2 years at most you can buy larger shares in your property from the housing association and pay less rent on the remaining share.
In conjunction with accepting the above offer you will need to appoint a solicitor. It is important that you choose a solicitor who is experienced in shared ownership. You should call a number of solicitors to find out how much their fees are, including local searches, stamp duty and other costs associated with buying a property before you agree to use one of them. You will need to let us have details of the solicitor when you accept the above offer.
You will also need to complete a full mortgage application. Once you have received a copy of your mortgage offer, you should send this to us immediately. Step 9 - Memorandum of Sale and the start of the Legal Transaction. Housing Solutions will send to you a memorandum of sale which you forward to your solicitor to formally instruct them and start the legal transaction.
Similarly Housing Solutions will instruct our own solicitors in the sale to you so that they can prepare the contract pack to send out. Housing Solutions require a 28 day exchange of contracts deadline from the date this contract pack is sent to your solicitors. Once your solicitor and ours have received all the documents they need we can exchange contracts.
This means that you sign a legally binding agreement to buy the property and we sign a contract to sell it. When we exchange contracts we will ask you to pay a further deposit of 10 per cent towards the value of the share you are buying. On the day of exchange of contracts your solicitor will agree the date that you will complete the purchase. This is normally 7 days after the exchange of contracts. Your purchase is completed. Congratulations this is the day that you can move into your new home!
The reservation fee is deducted from the deposit payment required on exchange of contracts. Typically this varies from a couple of days to perhaps a week depending on the popularity of the development.
You can start your search for a Shared Ownership home on our property portal today. This generally means that you can afford to go ahead and the property you are interested in is available. Response from SO Resi — Yes sometimes and this depends on the development, location and price. Each site is unique and we can let you know anticipated demand and whether we have any priority groups. For example, you may need to be living or working in the area in order to be eligible to purchase a Shared Ownership property.
Please speak with the on site sales team to discuss any specific eligibility criteria. This can be subject to considerable variation, however solicitors will always be happy to provide a quotation. Response from JLL — A buyer should ask their solicitor to go through the lease with them and make them aware of any additional costs such as administration charges or fees when staircasing or selling.
On top of your deposit, other fees may be incurred throughout the process such as removal costs, although these can vary greatly. You can find out who local Help to Buy agent is here.
Theoretically speaking, any solicitor dealing with property conveyancing should be able to deal with a Shared Ownership property purchase, however it recommended that you use a firm that has experience in this area. Share to Buy Expert Sessions: Your questions about the sales process Answering your questions about the sales process! Find out more about our free online webinars today.
Join the Share to Buy Expert Sessions! Your webinar questions answered! Shared Ownership Sales Process. What steps do I need to take to purchase a Shared Ownership home? How long does it take to complete the buying process? What is the buying process like when purchasing a resale home compared to buying a new build property? I live outside of London and will need to register with my local Help to Buy agent to be eligible for a Shared Ownership home.
Should I do this before expressing interest in a property?
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