Shared Ownership: An Accessible Path for First-Time Buyers
Shared ownership schemes offer first-time buyers a practical way to enter the property market.
Expert Guidance for Shared Ownership
The most common Government scheme for first time buyers is where you purchase a share of a property and the other share is retained by the Housing Association. This share can be as little as 10% to 75% of the property’s full market value. This scheme is usually cheaper than renting and provides you with an opportunity get onto the housing ladder. You will pay rent on the share retained by the Housing Association.
It is important you instruct a lawyer that understands shared ownership properties, as the conveyancing process can be more complicated than a normal purchase. Your lawyer will discuss the options available and advise which option would be best dependant on your personal circumstances and long term plans for the property.
In the future you may wish to purchase additional shares, which is known as staircasing. The Lease will set out provisions on how this can be done. You will usually be required to purchase a minimum of 10% at any one time. Whether you are staircasing only or remortgaging to staircase, our lawyers can act on your behalf and on behalf of your lender
Locations
Unlike many solicitors, we specialise solely in conveyancing, and with offices in Bury St Edmunds, Cambridge, Clacton, Colchester, Diss and Ipswich our team are ideally located to discuss any property matters with you face-to-face.
Conveyancing Services
Residential and commercial conveyancing services. Whether you’re looking to move, remortgage or acquire residential or commercial property.
