Shared ownership – related transactions

In addition to the purchase, sale and staircasing of shared ownership properties, the Shared Ownership department at Attwaters Jameson Hill has significant experience in assisting clients with other related transactions with which they may require support.

This enables us to provide advice and guidance from the initial purchase of your shared ownership property all the way through to your eventual sale, and everything in between. Our friendly and approachable legal team is here every step of the way, helping make your transaction as easy and stress-free as possible.

Shared ownership transfers of equity

Transfer of equity is the legal process of changing the ownership of a property. This might involve adding a new partner or a child to the property ownership, or removing an ex-spouse following a divorce, for example.

Transferring the equity of a shared ownership property is a slightly more complex process because you don’t own 100% of the property. As your housing association owns the share of the property you pay rent on, you will likely have to ask their permission to add somebody else’s name to the lease.

If you’re adding somebody to a shared ownership lease, the household will also still need to meet shared ownership eligibility requirements. For example, your combined household income can’t exceed £80,000 per year (£90,000 in London) and the person you are adding can’t own another property.

The shared ownership experts at Attwaters Jameson Hill can guide you through the process, outlining in plain English all the steps you’ll need to take along the way. We’ll liaise with your housing association on your behalf and can also represent you if your transfer of equity also requires you to remortgage.

Shared ownership remortgages

Shared ownership homeowners may have to remortgage their property for various reasons. The most common reason for remortgaging is the imminent expiry of a current mortgage deal; however, staircasing the ownership of a shared ownership property may also require you to remortgage, so that you can borrow the money you need to fund the additional shares you are buying.

Any time you take out a mortgage or remortgage, you must instruct a solicitor to advise you during the transaction. They are there to look through the mortgage terms and raise any issues they find. When remortgaging a leasehold property, your solicitor also has to carry out some checks that aren’t necessary with a freehold property; for example, they will need to obtain a statement detailing your ground rent and service charge costs, and will want to know whether these costs are likely to increase.

If you’re remortgaging in order to staircase your ownership, it is especially vital to have a solicitor on side with proven experience in shared ownership transactions, especially because most staircasing transactions have a three-month deadline before the valuation expires. Our Shared Ownership team has helped hundreds of clients through the staircasing and remortgaging processes, and our solicitors understand the need for proactivity and responsiveness in these time-sensitive matters.

Expertise you can trust

Shared ownership transactions can be more complicated, but they don’t have to be more stressful. Our experienced Shared Ownership department is here to guide you through your transfer of equity, remortgage or any other shared ownership transaction you may need assistance with.

Please do get in touch on 0330 211 8855 or email us at residentialpropertydepartmentemail@attwaters.co.uk to find out more.

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