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SHARED OWNERSHIP SOLICITORSÂ
How can Sweeney Miller Law help?
It is important to note that while Shared Ownership is a cost-effective way to purchase property, it often also comes with more technical conveyancing challenges than a straightforward sale. The schemes must comply with strict Government guidelines, so having an experienced property solicitor on your side will help keep the process as smooth, hassle free as possible and will avoid any subsequent potential issues with the transaction.
At Sweeney Miller Law, our skilled conveyancing team has supported many Shared Ownership buyers secure their dream home, by offering straight-forward advice and guidance throughout the process. We can advise and guide you on all aspects of the Shared Ownership conveyancing process including:
- Reviewing contracts, mortgage offers and Stamp Duty Land Tax (SDLT) returns to ensure that they comply with Shared Ownership scheme requirements
- Liaising with the Housing Association and any other parties
- Liaising with the Land Registry
- Advising you on your rights as a Shared Ownership buyer
- Advising on the sale of Shared Ownership properties, should you decide to move on
The combination of our conveyancing team’s expertise and our sophisticated case management system means that we can ensure that we offer a high quality, efficient and transparent service throughout your transaction, keeping you up to date at every step.
To speak to a member of our specialist conveyancing team, call us on 0345 900 5401, email enquiries@sweeneymiller.co.uk or use our contact form.
Shared Ownership FAQs
To be considered eligible for a Shared Ownership property, you must meet both of the following criteria:
- Your household income is maximum £80,000 per annum (£90,000 in London)
- You cannot afford the deposit and mortgage payment for a home that meets your needs
You must also meet at least one of the following conditions:
- You are a first-time buyer
- You used to own a home but cannot afford to buy one now
- You’re forming a new household – for example, after a relationship breakdown
- You’re an existing shared owner, and you want to move
- You own a home and want to move but cannot afford a new home that meets your needs
Shared Ownership ‘staircasing’ refers to purchasing more shares in your Shared Ownership property from the Housing Association with which you share the property. Most Shared Ownership contracts will allow the tenant to keep buying shares (staircasing) until they own 100% of the lease and no longer need to pay rent to the Housing Association.
As staircasing is considered a property transaction, it is important to get the best legal advice when purchasing extra shares to ensure you understand the process and everything is handled correctly. Sweeney Miller’s knowledgeable property solicitors can guide you through this from start to finish.
