One way of getting onto the first rung of the property ladder is through shared ownership. This could involve buying a house or flat with family members or friends, or through a government-backed shared ownership scheme. Mooney Everett Solicitors in Ormskirk, West Lancashire, can advise you when you are considering this route to buying a property.
Government-backed shared ownership housing schemes are usually intended for people who cannot afford to buy a suitable home or for keyworkers such as teachers, nurses or police officers.
These schemes offer a choice of purchasing a share to the value of 25, 50 or 75 per cent of your home. In addition to the mortgage, you would also pay a small amount of rent on the share in the property that you do not own.
The variety of schemes, and their terms and conditions, can be confusing and complicated. The property lawyers at Mooney Everett, Ormskirk, will give you the guidance you need, advising you on the shared ownership lease, your rights and responsibilities.
Purchasing a property with a family member, friend or partner also needs careful planning. It is important to have an agreement about each person’s financial commitments. One of our property lawyers will ensure it is documented accurately, including how much of the property each person owns, the splitting of maintenance and running costs, and what would happen if one of you cannot make mortgage payments or wishes to sell their share of the property.
Not all lenders will lend on the basis of shared ownership, so you may need to speak with an independent financial advisor regarding your individual requirements.
We can also help you with:
- buying a house or flat;
- selling a house or flat;
- help to buy;
- right to buy;
- transfer of equity;
- investment and buy-to-let properties;
- buying at auction;
- remortgaging; and
- changing the ownership of a property.
Mooney Everett Solicitors is open on Saturday mornings.
From our convenient offices in Ormskirk, with no hidden costs and a same-day response promise, our friendly property lawyers will make your property transaction straightforward and hassle-free. We always speak in plain English, not legal jargon. We explain all the processes clearly, answer any questions you may have and keep you updated along the way.