If you do not have the means to buy your very first home then there are various government schemes that can help you out. The government offers two kinds of home purchase schemes for helping individuals buy new properties. You have the option of going for a home equity loan where the government helps you with finance toward the home purchase cost without any fee payable for the next five years. The next option is choosing shared ownership.
What Is a Shared Ownership Scheme?
By way of the shared ownership scheme, you purchase a share in a property. This share is generally between 25% and 95% of the total value of the property. The remaining share is maintained by the Housing Association and you need to pay rent on this share. It is important to note that properties under shared ownership are leasehold. The share of the property owned by you keeps increasing as and when your affordability to purchase more of the property increases. This is called stair casing. The more property share you own, the lesser the rent that you pay. Also, you are not obliged to purchase a further share anytime during your ownership of the property. Now comes the question, what do shared ownership solicitors in South London help with?
The Help Provided By Shared Ownership Solicitors
Shared ownership plans can assist first-time buyers in possessing new properties. Since they are long leases, they provide a sense of stability to the property buyers. However, the entire procedure of shared ownership can be difficult to deal with. The schemes can be a bit more complicated in comparison to outright purchases and there are even more rules in comparison to conventional mortgage arrangements. Thus, you might necessarily require the assistance of shared ownership solicitors in South London. A shared ownership solicitor can help you out in understanding the meaning of the different rules in this scheme. Involving the services of a solicitor right in the early stages of the procedure can help you in achieving a good position on the property buying ladder. Shared ownership solicitors provide services like:
- Properly advise you on the rules and the terms and conditions of the plan and your mortgage lending organisation.
- They are highly experienced in almost all the legal facets of purchasing a property under shared ownership. Thus, they will help you out in looking at your own situation and will also explain to you everything about shared ownership.
- Shared ownership solicitors help their clients in getting all the information that they need for deciding whether shared ownership is the right option for them or not. They will help their clients in making the right move always.
- The solicitors have a clear idea of the different angles that they must look at and consider when providing their services. They not only serve as legal experts but also possess the financial insight required for guiding their client’s purchases. They can help their client in getting hold of the right mortgage lending organisations for their respective situations.
Thus, it can rightly be said that shared ownership solicitors in South London have an important role to play in your property-buying procedure.