Shared Ownership Purchase Solicitors

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Buying a shared ownership property can be an affordable way to get onto the property ladder, but the process involved additional legal requirements compared to a standard property purchase.

At Macks Solicitors, our experienced conveyancing solicitors can guide you through every stage of your shared ownership purchase. We will explain the process clearly, handle the legal work on your behalf and work with housing associations, lenders and other parties to help your purchase progress smoothly.

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For no-obligation advice and information, call our conveyancing solicitors today on 01642 843 669 or use our contact form and we will call you back.

Buying a Shared Ownership Property

Shared ownership allows you to buy a share of a property while paying rent on the remaining share, which is usually owned by a housing association. You will typically take out a mortgage for the share you purchase and may have the option to buy a larger share of the property in the future.

While shared ownership can make buying a home more accessible, the legal process can be more complex due to the involvement of a housing association and the terms of the shared ownership lease. Our conveyancing solicitors can provide the specialist advice you need to complete your purchase with confidence.

What Is Involved in Buying a Shared Ownership Property?

The process of buying a shared ownership property involves several stages, including:

Finding a property and securing your mortgage

Once you have found a suitable shared ownership property, you will need to arrange your mortgage and ensure you meet the requirements of the scheme.

Reviewing the legal documents

Your solicitor will review the legal documents, including the shared ownership lease, to ensure you understand the terms of your ownership and any ongoing responsibilities.

Carrying out searches and checks

We will arrange the necessary property searches and check for any issues that could affect your purchase.

Agreeing the purchase and exchanging contracts

Once all checks have been completed and your mortgage offer is in place, contracts can be exchanged.

Completing your purchase

On completion, the property ownership will transfer to you, and you can move into your new home.

Our team will guide you through each stage and explain what happens next. Call our conveyancing solicitors today on 01642 843 669 or use our contact form and we will call you back.

Do I Need a Solicitor to Buy a Shared Ownership Property?

A solicitor or licensed conveyancer is required when buying a shared ownership property, particularly if you are taking out a mortgage.

Shared ownership purchases involve additional legal documents, including the shared ownership lease, which sets out important information about your ownership, rent payments, service charges and responsibilities.

Having an experienced conveyancing solicitor ensures these documents are properly reviewed and that you understand the terms of your purchase before you commit.

What Are the Costs of Buying a Shared Ownership Property?

As well as your deposit and mortgage costs, there are several other costs you may need to consider when buying a shared ownership property.

These may include:

Conveyancing fees
Property searches
Mortgage arrangement fees
Survey costs
Stamp Duty Land Tax (where applicable)
Housing association fees
Land Registry fees

Our conveyancing solicitors will provide clear information about our fees from the outset and explain any additional costs you may need to budget for.

How Long Does Shared Ownership Conveyancing Take?

The time it takes to complete a shared ownership purchase will depend on your individual circumstances. Factors that can affect the timescale include:

How quickly documents are provided by the housing association.
Mortgage approval times.
The length of the legal checks.
Whether there are issues with the property title or lease.
The length of the property chain.

We will work proactively throughout your transaction to help avoid unnecessary delays and keep your purchase moving forward.

How Can Macks Solicitors Help with Your Shared Ownership Purchase?

Buying a shared ownership property involves additional checks and paperwork that are not usually required when buying a standard home. Our conveyancing team can help by:

Reviewing the shared ownership lease and explaining your rights and responsibilities.
Checking the legal title of the property.
Carrying out property searches.
Reviewing information provided by the housing association.
Liaising with your mortgage lender.
Raising enquiries with the seller’s solicitor.
Ensuring all required documents are completed correctly.
Managing the exchange of contracts and completion process.

We will keep you updated throughout your purchase and provide clear advice at every stage.

Contact us

For more information about conveyancing, you can call us on 01642 843 669; alternatively, complete our online contact form and one of our conveyancing solicitors will be in touch.

Macks Solicitors provide a comprehensive conveyancing service across the country from our offices in Middlesbrough, Darlington and Redcar.

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