Shared ownership in London
As with any property purchase in the UK, buying a home under shared ownership in London requires a conveyancing process to manage the legal side of the transaction. A unique element to shared ownership is that the buyer can usually later increase their percentage share in the property, up to 100%.
Most shared ownership schemes will have complex terms and conditions, which will vary from scheme to scheme, and you may also find that you are limited in terms of which mortgage lenders will allow you to borrow in order to buy a property in this way. As well as mortgage repayments and rent on the share you won’t own, there might also be ground rent due and limitations on what you can do to or with your home, so the conveyancing process requires specialist knowledge to ensure that you’re fully in the loop and the process goes as smoothly as possible.
Finding properties for shared ownership in London
Shared ownership can be a popular way for people to get onto the property ladder in areas like London, where full property prices are usually well over 100% higher than many other areas of the country, but this can mean that demand far outstrips supply and schemes can be difficult to get onto for those looking to buy.
There are also eligibility criteria for shared ownership schemes in London that can be different to similar schemes in the region or elsewhere, so this needs bearing in mind. For example, the household income of an individual or couple who wish to buy a one or two bedroom property would need to be under £71,000 in London to qualify with that criteria, whereas the threshold is set at £60,000 in other parts of the country.
Those who are already renting from their London borough council or a housing association are likely to be eligible for a shared ownership London scheme, and there may be separate schemes in your area for over 55s and those with a long-term disability.
Searching online in your local area should help you to find any schemes that you may be eligible for.
Selling a shared ownership London property
When it comes to selling a property that you only own a percentage share in, there are additional things to consider in comparison to a standard home sale. The terms and conditions of your specific scheme may mean that you can only sell to someone who meets the scheme’s criteria. As with selling any property, a solicitor is needed to handle the legal side of the transaction for a shared ownership home.
How long does it take for conveyancing on a shared ownership home in London?
Conveyancing for a shared ownership property in London won’t necessarily take longer than for a standard property purchase, but in some cases there can be more work involved for your solicitors because of the complexity of the specific circumstances involved.
This could be the case whether you’re purchasing via shared ownership in East, North, West or South London, as it will depend on the individual scheme and its terms and conditions.
For more information on how we can help you with your property purchase or sale, call our expert shared ownership solicitors on 0161 696 6187.
Finding the best shared ownership solicitors in London for your needs
Stephensons have a highly experienced team of shared ownership conveyancing solicitors in the London area, helping people to successfully get onto the property ladder in a way that simply wouldn’t be possible otherwise.
With a proven track record of helping many buyers with what can be a complicated and daunting process, we offer specialist legal property support you can trust.
Get in touch to find out more by calling 0161 696 6187.