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Buying Shared Ownership Property & Staircasing
Our shared ownership Solicitors have years of experience advising clients.
For some individuals, part-buying and part-renting can be an ideal situation. We understand not everyone can buy outright. We also understand everyone has budget concerns when it comes to engaging lawyers. Because of this, we ensure our conveyancing services are priced at competitive / affordable rates but without any compromise on service.
How much of a share you buy is a matter of negotiation between you and the Housing Association. The schemes on offer can vary so, you’re best advised doing a bit of research before making a final offer to purchase.
Even, to begin with, if you are buying a relatively small share you always have the option of purchasing a bigger share later and eventually, buying the property outright. This process is known as ‘staircasing’. It requires you to serve notice, citing your intention to buy more of the property, effectively staircasing your way, up toward 100% ownership. It goes without saying, whilst this will decrease your rent payments, it may also increase your mortgage repayments. It is also important to note that the cost of buying any additional share is based on a calculation of the market value of the property at that time and not the time of the initial purchase. Despite this, many find shared ownership and staircasing, a great way to get on to the property ladder.
From the moment you make an offer to buy, our shared ownership solicitors will guide you through the process; providing frequent updates on your file; negotiating the terms of the lease; advising on how much rent or service charge is payable and so on.
We appreciate and understand that most shared ownership clients are also first time buyers. Our property team were among the first 100 accredited members of The Law Society’s, Conveyancing Quality Scheme. This means we are recognised by the Law Society as providers of high quality conveyancing services. We fully train our staff to liaise and report to our clients in clear terms, avoiding the use of legalese to enable you to make an informed decision.
Rest assured, when you chose Saracens Solicitors for your shared ownership property matter, you will be well looked after. We will ensure completion is achieved as quickly and as stress free as possible.
Call us now to discuss matters further.
Shared Ownership Property Re-Sales
You may have bought your property under a shared ownership property scheme, and now looking to sell it. You may have found a better property elsewhere; or maybe you are going through a divorce and the property was a matrimonial asset; or maybe you are immigrating.
Whatever the reason, usually, selling the property is possible, whether you own 100% of the shares, or not.
Usually you are required to inform the Housing Association in writing, in advance, as often there are provisions within the agreement, permitting them the first right to repurchase. If the Housing Association are not interested, you may offer and contract with a third party buyer.
Our dedicated team of shared ownership solicitors at Saracens will help you. We will review the terms of your shared ownership lease and guide you through the process. We will ensure the cost of service is affordable and proportionate to the value of the deal without compromising on service. With us, you are in good hands.
Please call or request a call back from our dedicated shared ownership property team today.