AST Hampsons have a dedicated team who specialise in shared ownership sales and purchase. We are also on Plumlife’s panel of Solicitors for shared ownership properties.
Shared ownership is where you buy a percentage of the interest in the property (usually between 25 & 75%) and then you pay rent for the share retained by the housing association. When you are financially in a position to do, so you can then buy further percentages in the property (this is known as Staircasing) and this ultimately means that you could buy the property outright over a period of time.
Shared ownership is popular for first time buyers who are not initially able to buy outright but who want to get a foot onto the property ladder.
‘Help to Buy’ is a Government run scheme which can enable a buyer to get on the property ladder with a minimum of a 5% deposit but at the same time allowing you access to mortgage deals usually reserved for those with larger deposits. Help to Buy is available for properties valued up to £600,000.00.
Help to Buy is available on both new build and existing properties.
The Help to Buy Scheme requires a solicitor who understands the scheme and who can comply with the strict requirements of Homes and Communities Agency (HCA) to enable a smooth journey through the process. If the correct procedures are not followed this will result in delay. We deal with new build Help to Buy purchases on a daily basis and work closely with the local HomeBuy agent for the North West region and national builders meaning that we already have the systems in place to ensure that there is no delay.
Why not give AST Hampsons Property Law team a call on 01706 653322 (for our Rochdale Branch) or 0161 763 1000 (for our Bury Branch). You can also email us at [email protected]
We don’t make any charges for your enquiry and we would love to have a chat about how we can help you so contact us today.