Shared Ownership Conveyancing Solicitors
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Expert Shared Ownership Conveyancing Solicitors
Shared ownership conveyancing solicitors provide expert legal support to anyone part-buying a property via a shared ownership scheme.
A shared ownership structure makes home ownership more affordable by allowing people to simultaneously part-acquire and part-rent a specified property.
From a legal perspective, shared ownership transactions are usually more complicated than a typical property purchase, which makes finding the right conveyancing solicitor essential to a smooth and simple process.
What Is Shared Ownership Conveyancing?
Conveyancing is the legal process of transferring property ownership from one party to another. Essentially, it underpins and enables property ownership transactions.
The term ‘shared ownership conveyancing’ describes that process if a property’s ownership structure is intended to involve more than one party.
Shared ownership conveyancing is usually more complicated than other forms of the process simply because there are more parties involved, and therefore more legal steps to take meaning more paperwork to be handled by solicitors.
The Shared Ownership Conveyancing Process
Steps involved in a shared ownership conveyancing process will likely include:
- Drawing up of a lease that details the arrangements being agreed to by the conveyancing solicitors’ clients and the shared ownership organisation they’re dealing with.
- Creation of ‘title deeds’ that list all parties involved in a transaction who are intending to share ownership of the property in question.
- Drafting of a separate agreement that legally outlines the rental arrangements and responsibilities being established as a core part of the shared ownership deal.
Why Is It So Important To Use A Shared Ownership Conveyancing Solicitor?
Experienced shared ownership conveyancing solicitors can identify on their clients’ behalf any potential extra costs or service charges that might otherwise go overlooked within their purchase/rental agreements.
They can also provide valuable clarity on ‘staircasing’ structures, through which part-owners of properties can work towards owning a greater share of their homes.
Responsive shared ownership conveyancing solicitors can also help keep transactions on track and ensure any potential delays to the process are minimised throughout.
More About Shared Ownership Conveyancing:
Because conveyancing for shared ownership can be a relatively complex process, it may take longer than you’d like as a homebuyer.
Every property transaction is unique but – having instructed hundreds of of shared ownership property transactions in the past 12 months – we estimate that the process should take between 16 to 24 weeks to complete.
Due to the additional parties involved in shared ownership conveyancing, additional fees should be expected compared to standard conveyancing.
At Home Legal Direct, we include a shared ownership fee within our quotations as an allowance for these works. Depending on the parties involved and the exact works required in a given transaction, a higher fee may be required by the conveyancing firm to complete the works which will not be known until they have received and analysed the paperwork.
The short answer is yes. A shared ownership conveyancing solicitor can explain how staircasing works, what costs may be involved, and how the legal process is handled when you choose to increase your ownership share.
Reasons to choose Home Legal Direct
- Get great savings, unbeatable value and flexibility by instructing a conveyancer through Home Legal Direct
- If your property transaction falls through, fees paid to Home Legal Direct will be held for use on your new transaction
- Home Legal Direct’s client support team is available to assist throughout the process
- Complete your ID and AML checks quickly and easily online
- Searches and surveys arranged through Home Legal Direct for your convenience
- All major lenders are covered and changing between firms is at no extra cost
Your Shared Ownership Conveyancing Quote
Home Legal Direct makes it easier than ever to find reputable, reliable and responsive shared ownership conveyancing solicitors wherever you are in England and Wales.
Use our online quote tools to get a tailored conveyancing quote for your shared ownership transaction in a matter of seconds.