Shared Ownership & shared equity, Property Conveyancing solicitors
Shared Ownership & Shared Equity Property Conveyancing
Do you require a solicitor to help buying a property through a shared ownership/equity scheme? If so, PSR's Conveyancing Solicitors are the ideal choice to help you through the process.
We know how stressful and time consuming buying a property can be on a shared equity or shared ownership basis. The move itself can be a harrowing experience without the pressure of arranging removals, taking meters readings and contacting utility providers. In addition you will need to liaise with the relevant Housing Association and lender. One of our dedicated conveyancing solicitors can assist you at every stage of the legal process and keep you fully updated on the progress of your purchase from start to finish. Trust us to help you.
Procedure of buying your shared ownership / shared equity property
Once you have made the decision to buy a shared ownership / shared equity property you will typically contact the relevant housing association and mortgage advisor and negotiate the purchase price through the estate agent unless you are buying direct from the seller or housing association privately. If you instruct us at the same time or at an early stage we can arrange with you to have the initial forms and necessary checks completed in readiness. Once your offer has been agreed with the seller and/or housing association we will have the necessary information to hand to immediately start the legal process of purchasing your property without delay. The more quickly and smoothly the transaction runs the less likely a risk of it falling through (aborting).
Once we have received the contract pack from the seller’s / housing association’s solicitor we can commence with searches, investigate the legal title to the property and raise any relevant enquiries. Once we are satisfied with all the replies to our enquiries, results of searches and are in receipt of any required mortgage offer a completion date can be proposed. This process may take a little longer depending on how many people are in the conveyancing chain. Once contracts have been exchanged you can book your removals with the confidence that your seller / housing association is contractually bound to complete on the sale to you.
Should you require a mortgage on the property we will liaise with your mortgage lender, deal with their requirements and request the mortgage funds in readiness for completion. Similarly, we will also pay for the searches and any stamp duty land tax on your behalf.
Shared Ownership means that you will own a share in the property and pay rent under a lease on the remaining share to the housing association.
Shared Equity means that you will own the whole of the property but there will be a second charge secured on the property in favour of the housing association, being the amount loaned to you to assist in the purchase. The mortgage lender will have a first charge on the property.
If you are looking to undertake a shared ownership or shared equity agreement and you want free advice from a fully qualified conveyancer then please contact us now. Using one of our specialist conveyancers ensures that your property transaction will proceed quickly and with the minimum amount of stress.
PSR is one of the leading firms of Conveyancing Solicitors in Wales. We are the largest specialist Conveyancing Solicitors in North Wales and Cheshire. Contact us safe in the knowledge that one of our expert property solicitors will manage the sale or purchase of your property expertly and on a No Move No Fee basis. With our No Move No Fee guarantee you won't have any legal costs to pay if your sale or purchase is unsuccessful although you may still have to pay disbursements.
Miss G, North Wales
Mr J, Cheshire
Mr W, Rhyl
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