We help our 850th shared ownership client move
With many people, particularly first-time buyers, finding themselves priced out of the housing market, shared ownership schemes are proving to be the lifeline they so desperately need.
We have just helped our 850th shared ownership client, completing the conveyancing work on their property purchase and enabling them to move into their new home.
Sheri-Anne Mizon, Partner and Head of Residential Property (Loughton) is delighted to have reached this momentous milestone, commenting:
“We’re pleased to be able to announce the completion of this, our 850th shared ownership conveyance. Shared ownership schemes are rightly becoming more widely available, and offer a win-win situation for those looking to get onto the first rung of the housing ladder”.
In essence, shared ownership involves a buyer purchasing a share of a home (typically between 25% and 75%) whilst a housing provider – usually a housing association – retains ownership of the remaining share. Buyers usually obtain a mortgage to purchase the share they buy, and pay rent on the share they don’t own at a reduced rate. This makes property purchase far more affordable.
What is particularly attractive is that through a process known as ‘staircasing’, the option exists to buy a bigger share in the property at a later date, which is really good news for purchasers”.
Sheri-Anne and her team have specialised in the conveyancing work required to purchase a property under this type of scheme for over a decade. During this time they’ve gained wide experience and in-depth knowledge of how these schemes operate. As this form of home ownership is part rent, part mortgage, it’s more complex, and the team is widely-recognised as being accomplished in answering client questions and helping to make the legal terms involved clear and accessible.
Upon completion, Sheri-Anne’s client said, “I just wanted to say thank you for all your support on this process… We are very happy that we chose you as our solicitor”.