Contact independent law firm George Ide LLP today to discuss co-ownership and conveyancing with our specialist residential property solicitors.
As house prices become increasingly unreachable and the prospect of getting a foothold on the property ladder seemingly ever-more distant, alternative buying arrangements are becoming both a more realistic and a more attractive proposition for first-time buyers.
Co-ownership (also known as shared ownership or shared equity) schemes are usually administered by Registered Social Landlords (RSL) or Housing Associations (HA).
They work to make property ownership a more realistic prospect for buyers by allowing them to purchase a share of a property (for example 50 percent of a £100,000 house for £50,000).
In such an instance the buyer will then pay rent on the percentage of the property owned by the HA or RSL. In addition, where applicable, they will also make payments on any sums they owe on any mortgage they have taken out against the value of their equity.
In the majority of such schemes, buyers will be given the chance to increase their stake once they’re in a position to do so – eventually, they may be able to buy a property in its entirety.
If not in the right hands, co-ownership and conveyancing can be a complex business – terms and conditions are unlike typical deals and may vary from scheme to scheme, while only a few mortgage lenders provide assistance for this type of deal.
In many ways, buying a home through a co-ownership scheme is more similar to a leasehold arrangement than it is to other forms of purchase.
George Ide LLP have been providing conveyancing services in Chichester for more than forty years and have specialised knowledge of all the local areas, including Midhurst, Itchenor, the Witterings, Lavant, and the whole of the South Coast.
Call us today to talk about co-ownership and conveyancing in West Sussex.