What is shared ownership?
Shared ownership is a UK government backed scheme to help people get onto the property ladder by sharing the cost of the mortgage with other people. This enables people to buy a house that otherwise would not be able to afford it.
Purchasing a shared property
This type of home purchase requires a specialist conveyancing company who can professionally sort out the legalities of shared ownership.
On top of the usual conveyancing process your chosen conveyancing solicitor will do the following things:
- Check the legal title to the property and advise you on any problems that may be affecting the property.
- Ensure that a fair contract is agreed for you and your shared owners to sign once you are ready to proceed with the purchase.
- Complete the required paperwork for the completion to happen as well as register your ownership of the property at the Land Registry office.
- Liaise with the seller’s estate agent and your own agent to ensure that all parties are working to the same time scale to avoid any unnecessary delay on completion of your property purchase.
For shared ownership buying and selling it is essential that you find an expert in the field as these steps are a lot more involving with multiple parties involved. An experienced solicitor will be able to guide you through the process with the least stress possible. Get a conveyancing quote now!
