Shared ownership offers a viable path to homeownership, but it often involves more complexities than a standard property purchase.
We stand out as a reliable and comprehensive choice for purchasing a property under the Shared Ownership Scheme.
Eligibility Requirements
Typically, shared ownership is ideal for first-time buyers, those who previously owned a home but can no longer afford it, or current shared ownership owners looking to move. To qualify, your combined household income must be less than £80,000 per year (or £90,000 in London).
The Shared Ownership Conveyancing Process
- Memorandum of Sale: Your solicitor receives a document from the housing provider detailing the purchase.
- Drafting and Exchanging Contracts: Your solicitor drafts the initial contract and negotiates terms with the housing provider. Once both parties agree, the contracts are exchanged, making the agreement legally binding.
- Completion Date: The housing provider sets a date for finalising the sale.
- Completion: Your solicitor manages the financial transaction, making you the legal owner.
- Collecting Keys: After completion, you can collect the keys from the housing provider.
Timeline
The shared ownership conveyancing process typically takes around two months, though this can vary based on factors like mortgage arrangements and unexpected delays.
Selling a Shared Ownership Property
When selling a shared ownership property, you have two options:
- Sell the share you currently own.
- Purchase the remaining share from the housing association and sell the entire property, sometimes completing both transactions simultaneously.
We provide expert advice to help you choose the best option to maximise your profit when selling.
