When it comes to buying a shared ownership property, you might wonder whether a specialist solicitor is necessary. Shared ownership offers a great way to step onto the property ladder, especially in areas where prices are high. However, the process can be a bit more complex than purchasing a standard property, and this is where having the right solicitor can make all the difference.
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Shared ownership involves purchasing a percentage of a property, typically between 25% and 75%, and paying rent on the remaining share to a housing association. While this sounds straightforward, the legal framework underpinning shared ownership can be intricate.
There are leases to examine, service charges to account for, and staircasing clauses to understand if you plan to increase your ownership share in the future.
A solicitor who specialises in shared ownership properties will be familiar with these details. They know what to look out for, ensuring that nothing important is missed during the process.
For example, the lease on a shared ownership property often includes specific obligations that might not appear in standard leases. A solicitor with experience in this area will flag these and explain them in plain language so you’re clear about your responsibilities.
Why a specialist solicitor matters
Unlike a conventional property purchase, shared ownership comes with additional layers of complexity. The involvement of housing associations, specific government schemes, and restrictions on reselling or subletting mean that a solicitor handling your purchase needs to be well-versed in these nuances. While a generalist solicitor might manage, a specialist ensures everything is done efficiently and correctly.
Using a service like SAM Conveyancing can be beneficial here. They provide a concierge conveyancing service, guiding you through the journey from start to finish. With their wide range of property services, you can feel confident that you’ll receive expert advice tailored to your specific needs. Choosing the right professional early on can save you time and stress down the line.
Common pitfalls without a specialist solicitor
Without the help of a solicitor experienced in shared ownership, you risk overlooking crucial details. For example, service charges and ground rents might escalate over time, and a non-specialist may fail to highlight this adequately. Staircasing—the process of buying more shares in your property—is governed by specific terms that a general solicitor might not fully explain.
You’ll also need to consider how the lease length affects your mortgage options. Lenders often have strict requirements for shared ownership properties, and an experienced solicitor will ensure your lease aligns with these criteria to avoid complications.
Shared ownership offers a fantastic opportunity to own a home, but the legal landscape can be challenging. Choosing a solicitor who understands the nuances of shared ownership is not just a wise decision—it’s an investment in your peace of mind. With expert guidance, you’ll be well-prepared to tackle the complexities and enjoy your new home with confidence.
