In the current economic climate, first-time buyers trying to get onto the property ladder find this easier said than done.
The rise of shared-ownership schemes has offered some people a more affordable route to ownership of property they otherwise might not be able to afford, and also provides an alternative to renting. Shared ownership schemes are commonly provided by local Housing Associations (HA) and are available for newly-built homes or existing homes offered by HA resale programmes.
A typical shared-ownership agreement provides you with sole-occupancy rights, and you buy a share in the property (usually between 25% and 75%) and pay rent on the remainder. If you successfully sign up to the scheme, over time you can usually build up your share in the property and eventually own the property outright.
Entering into a shared-ownership scheme has a number of legal and administrative intricacies, in addition to those of a normal residential property transaction.
Our Residential Property team has a number of lawyers who are experts in dealing with shared-ownership scheme matters, and they are on hand to work with you in order to successfully enter into the scheme. We can help you avoid the traps and pitfalls, giving you the best possible chance of success.
If you would like to discuss your conveyancing matter with an expert lawyer in our team, please call us on: 020 3814 2020
Blaser Mills’ Residential Property team comprises members of the Law Society’s Conveyancing Quality Scheme, the mark of excellence for the home-buying process. The rigorous assessment by the Law Society, in order to secure CQS status, marks us out as a team that consistently meets high standards in residential conveyancing processes and delivers excellent customer service.