Shared Ownership, Share to Buy Conveyancing Costs
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The Homebuyer Conveyancing panel members are experienced in providing legal services to clients purchasing, selling or staircasing a shared ownership home. The legal professionals have specialist knowledge of affordable housing nationwide transactions. They offer a premier service and explain in full what is involved. Our legal experts strive to turn the complex legal jargon into words that we all can understand.
Shared Ownership Explained
You buy a share in your home, usually between 25% and 75%. You then rent the remaining share from a Housing Association which provides the scheme.
Mortgage lenders do offer mortgages that cover your share.
The Housing Association provides a lease which details the shares which both you and the housing association own.
The lease will also detail the rent you pay. It may restrict the type of use - such as It can’t be used as a buy to let property.
You can sometimes buy more shares in the property when you can afford it and eventually own the property outright.
The lease may stipulate however that the property must always be an affordable home.
Selling A Shared Ownership Property
If you have owned your property outright for less than 21 years then the Housing Association has the right to buy it back first.
Housing Associations have waiting lists of people who want affordable housing.
Other Forms Of Affordable Housing are
- Help to Buy Equity Loan
- New Buy Scheme