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Shared Ownership & Shared Equity Property Solicitors
The Shared Ownership Solicitors at PSR Solicitors are extremely well versed in this area of the law.
As well as being a really exciting time, buying a first home can often be stressful too.
As a leading Residential Property Conveyancing Solicitors firm, we are accredited by the Law Society for the CQS (the Law Society's Conveyancing quality scheme) recognising our conveyancing expertise and commitment to client service excellence. Our Shared Ownership Solicitors are available to talk directly with and are happy to offer a free initial consultation to answer any questions you may have.
We have a great deal of experience in dealing with Shared Ownership Conveyancing and we are therefore very familiar with liaising with property developers, Housing Association, and mortgage lenders.
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.
The Shared Ownership Scheme has been introduced by the UK Government to support first-time buyers to get started on the property ladder, or simply find affordable housing.
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, until you have paid 100% of the property value. It essentially means you can part-buy-part-rent a property for a lower initial investment.
With a lower deposit and rent, Shared Ownership property can be appealing to those on a lower budget. If you decide to buy a Shared Ownership home, you will be able to purchase additional shares of the home over time - a process known as staircasing.
Instructing expert Shared Ownership Solicitors can make the difference, and ensure your interests are protected throughout the process. Use our Online Conveyancing Calculator or contact PSR Solicitors today for experienced advice regarding Shared Ownership in Cheshire and North Wales.
Entering a Shared Ownership agreement is a very viable option for many, especially first-time, young, or lower-budget buyers. Some of the main benefits over a traditional property purchase include:
Specific agreements for Shared Ownership properties may vary, as can the circumstances of the buyers. Each property and agreement will offer their own benefits, and our Shared Ownership Solicitors can ensure you get the best deal possible when approaching this type of property.
One of our committed conveyancing lawyers is at your disposal, offering assistance throughout each step of the legal process. They will ensure that you are consistently updated on the development of your shared ownership property deal from beginning to end.
After deciding to purchase or sell a shared ownership property, you usually discuss your needs with a financial advisor or directly with your lender of choice. Should you engage our services at this point, we can work with you to complete the preliminary forms and perform necessary checks in preparation.
Upon receiving your instructions, we can initiate the needed searches, examine the property's legal title, and bring up any pertinent queries. Once we've received satisfactory responses to our questions and search results, a date for completion can be set.
Following the agreement on a completion date, we can request the mortgage funds from the lender and finalise the transaction upon receipt.
My case was handled in a courteous and professional manner from beginning to end. I was kept informed throughout and the settlement obtained was very satisfactory.
Excellent service!!!
Service is exceptional. I have and will continue to recommend. Very friendly service, professional nature and more than helpful. Thank you, thank you for all your hard work and for helping me.
I contacted PSR after hearing about their efficiency and expert knowledge. They charge a relatively small fee and made the process completely stress free.
(I am) extremely happy, couldn't think of a better (firm) to handle my claim. I am very happy and I would like to thank you extensively. Service from all the staff was excellent.
PSR Solicitors are recognised experts in residential property matters and conveyancing in North Wales & Cheshire.
Karl Lewis LLB (Hons) Law Degree
Solicitor - Head of Conveyancing
I qualified as a solicitor in 2004, graduating from Staffordshire University School of Law. I now specialise in property law. I joined PSR Solicitors in 2017 to set up and head the property department.
As well as handling residential and leasehold conveyancing work, I deal with commercial property and non-contentious landlord and tenant matters.
I live in Wrexham with my family and spend a lot of my spare time looking after my menagerie of animals! I'm a very keen runner, cyclist, and swimmer, and enjoy gym work and karate as a means to keep fit.
Wrexham Office
Bronwen Lloyd-Roberts
Bronwen Lloyd-Roberts LLB
Solicitor - Deputy Head of Conveyancing
USUAL LOCATION: Wrexham Office
I joined PSR Solicitors in January 2014 and I now head up our Wrexham office.
Having graduated from Keele University with a degree in Law and Criminology, I then completed my legal practice course, with distinction, at the College of Law in Chester. I became a qualified Solicitor in a large regional firm in the East Midlands before moving back home to North Wales.
I worked in litigation for over 10 years before moving into our conveyancing department. I now manage a varied caseload; as well as handling residential and leasehold conveyancing work, I also deal with commercial property.
Outside of work I enjoy travelling, competing in Triathlons and spending time with my daughter.
Donna Burke
Conveyancer
USUAL LOCATION: Shotton Office
I joined PSR Solicitors in April 2014 as a Legal Secretary. In 2018 I made the decision to progress my career in the legal sector and I'm currently studying hard for the CLC qualification.
Based in the Shotton Office, I handle all aspects of property conveyancing including freehold, leasehold, new build, shared ownership/equity, re-mortgage & equity release. I work closely with Karl Lewis, PSR Solicitors 'Head of Conveyancing'.
I take a very enthusiastic and positive approach to all those clients I work with and believe we do a great job of giving a fantastic service. I like to work in a very organised and professional way, and love dealing with the public
Outside of conveyaning, I'm a mum with a young family and enjoy being a parent and socialising, and (when I find the time...) exercising.
Charlene Parker
Charlene Parker LLB (Hons)
USUAL LOCATION: Wallasey Office
After graduating University from Liverpool John Moores University with a Law and Criminal Justice Degree (LLB with Hons) in 2017 I decided I wanted to pursue my career in Property Law.
I joined PSR Solicitors as a Trainee Licensed Conveyancer in 2018. I am currently undertaking the Level 6 of the CLC to become a Qualified Licensed Conveyancer.
I am based in our Wallasey office, handling different aspects of residential conveyancing property transactions with over 6 years' experience.
Outside of work, I enjoy going on regular holidays and spending time with my family and friends.
Toni Jones
USUAL LOCATION: Ellesmere Port Office
Buying and selling your home can often be a daunting experience.
I am the Lead Conveyancer in our Ellesmere Port office. With over 20 years' experience in all areas of residential conveyancing, my aim is to make the process of buying or selling your home as stress free as possible by keeping you informed at every stage of your transaction.
I work closely with a large number of local estate agents and mortgage brokers so am familiar with the local marketing trends for properties in the area. My working relationships with estate agents based on the Wirral, Chester and Liverpool areas is expanding following successful completions for a large number of my clients.
My reputation of providing an excellent conveyancing knowledge and understanding of the process is being recognised and a large number of my clients are now instructing me to act on their behalf in further transactions and are recommending me to act on behalf of their families and friends.
Outside of conveyancing, I'm a mum to two grown up daughters and enjoy socialising, reading, attending the theatre and cinema.
Because of the basic concept of Shared Ownership, which is to provide an affordable option for homeownership to lower-income individuals, entering this type of agreement will come with certain limitations and obligations, which will be outlined in your leasehold agreement. These should include a share of fees and costs, such as maintenance, mortgage, and taxes, for each of the share owners.
You will not be able to freely sell your share of the property, as the housing association will have the right of first refusal to purchase it back, and transferring the ownership after the death of one of the owners may also be more complex than a traditional property.
If you want more information about your specific circumstance, contact us. Our Shared Ownership Solicitors will assess your agreement to ensure you fully understand the legal considerations involved in your Shared Ownership property.
Shared Equity means that you will own the whole of the property by paying a small deposit (at least 5% of the agreed sale price) and covering the purchase price with the combination of an equity loan and a mortgage.
The equity loan will have to be repaid, which can be done at the end of the mortgage term, when the buyer moves, or when they can afford to do so with their own savings. How much you owe is represented as a percentage of the value of the property, so you could pay more or less than its original value when the loan must be repaid.
Compared to Shared Ownership, buying under a Shared Equity scheme makes it easier to sell the property. Owners will have much more lenient restrictions, but complications may still arise.
If you are looking to purchase or sell a Shared Ownership or shared equity home in Cheshire or North Wales 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.
Staircasing is a process that allows individuals who've entered into a shared ownership agreement to buy more shares of their property over time.
When you first buy a shared ownership property in the UK, you purchase a certain share, usually between 25% and 75% of your home’s value, and pay rent on the remaining share, which is typically owned by a housing association.
As your financial circumstances improve, you may wish to increase your ownership stake in the property. This process of buying additional shares is known as staircasing. Every time you buy another share, the amount of rent you pay to the housing association decreases correspondingly.
The ultimate goal for many people in shared ownership schemes is to staircase all the way to 100% ownership, at which point they become the outright owner of the property and no longer have to pay any rent.
However, it's worth noting that there might be restrictions on how soon and how often you can staircase, depending on your agreement. There are also costs associated with staircasing, including valuation fees and possibly stamp duty. Therefore, it's important to take these factors into consideration and seek specialist legal advice before deciding to staircase. Contact our Shared Ownership Solicitors to ensure you are taking the best and fastest path to home ownership.
Once you have made the decision to buy a Shared Equity or Shared Ownership home or property, and have made sure that you are eligible for Shared Ownership, you will typically contact the relevant housing association and mortgage advisor and negotiate the purchase price. This will happen through the estate agent, unless you are buying directly from the seller.
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 or 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, the 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 or 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.
A Shared Ownership agreement will generally put limitations on the terms of the sale of the property, whether it involves a share or the whole property. Each agreement will outline these restrictions, so having a clear understanding of the legal considerations involved is crucial.
If you are attempting to sell a share of the ownership, the housing association will usually have the right of first refusal to either purchase the share back, or offer it to a buyer of their choice who will also enter a Shared Ownership. The price they will offer will be calculated according to the market value of the property at the time of the sale.
If you have achieved 100% ownership of the property, you will usually be subject to much less restrictive rules. In many cases, you may be able to sell the property in the traditional manner.
If you are looking to buy a house or an apartment through Shared Ownership or shared equity Scheme, and you want free expert advice and a Shared Ownership conveyancing quote from experienced Shared Ownership Solicitors in Cheshire or across North Wales 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. With our No Move No Fee guarantee you won't have any Shared Ownership solicitors fees to pay if your sale or purchase is unsuccessful, although you may still have to pay disbursements.
As one of the largest Conveyancing Solicitor law firms in North Wales & The North West, our conveyancing solicitors in Cheshire are supported by our conveyancing Lawyers in North Wales from our offices in Colwyn Bay, Ellesmere Port, Rhyl, Shotton, Wrexham, Wallasey, and Chester.
The geographical spread of our offices means we regularly act for clients on Shared Ownership & shared equity property purchased throughout Wales, Cheshire, Liverpool, and Merseyside.
For confidential, professional legal advice contact us today by completing the enquiry form, or call on our freephone.
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