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If you would like to speak to one of our lawyers about your property matter, please call us on 020 8865 1500 or complete our conveyancing quote form and we’ll get back to you within one working day.
Property is considered one of the best investments you can make with your money. However, whilst many first-time buyers may be able to afford the higher rents of the capital and other cities in England, they may not pass the affordability criteria required to secure a mortgage with an affordable monthly payment.
This is a common frustration and can be bypassed with the help of purchasing a shared ownership property. The shared ownership scheme offers the chance for first-time buyers to get onto the property ladder and choose from a variety of newly built properties, or existing properties through resale programmes from housing associations.
You can apply to own a share between 10% and 75%, with rent being payable by you to the landlord on the remaining share.
As your financial circumstances increase, you can then apply to purchase more shares until you eventually own your property outright; this is known as ‘staircasing’.
The scheme has now introduced a 10-year repair scheme for new build homes, so the shared owner will now receive support from the landlord on essential repairs for the first decade of the property’s life (or until you staircase to 100% ownership), easing you into home ownership.
You may be eligible to buy a home through the government’s shared ownership scheme in England if:
No matter if you buy a house or a flat, you will enter into a shared ownership lease. This sets out your terms and conditions with the Housing Association in connection to your ownership of the property you are buying.
Here at Amphlett Lissimore, our specialist Residential Property lawyers are fully equipped to act on your behalf and can guide you through the conveyancing process. We are experienced with the shared ownership scheme as well as being leasehold specialists, so we will ensure that your shared ownership lease holds no surprises for you.
If you would like to speak to one of our lawyers about your property matter, please call us on 020 8865 1500 or complete our conveyancing quote form and we’ll get back to you within one working day.
Amphlett Lissimore has experienced conveyancing teams based across our offices in Crystal Palace, Bromley, and West Wickham, who specialise in this area of law. We have a proven track record of excellent client care and will always endeavour to make the legal side of buying or selling property as stress-free as possible for our clients.
We are accredited by the Law Society under its Conveyancing Quality Scheme, and our lawyers include members of the Society of Licensed Conveyancers.
If you would like to speak to one of our residential property lawyers about your matter, or book an appointment with us, please get in touch, or request a callback.
