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Shared ownership schemes provide first time buyers, who are unable to afford the mortgage repayments to buy a home outright, with the opportunity to purchase a share of a new build, or other property, and to pay rent on the remaining share. This means the amount of deposit required is typically lower than buying a property outright, and rents are typically lower than market rate.
Such schemes are usually run by Housing Associations or Registered Social Landlords. Some developers offer similar arrangements, known as Shared Equity, although different terms and conditions apply.
Most schemes allow you to buy additional shares in the property over time, so your rent element reduces and you can eventually end up with 100% ownership.
Our specialist property solicitors have considerable experience in this filed, which helps to ensure that transactions proceed to completion as smoothly and swiftly as possible and on the best terms. This includes assessing your eligibility for shared ownership schemes and advising you on your options.
We understand the potential pitfalls to look out for in any shared ownership scheme arrangement and can advise you on the best way to protect your interests and move into your first home with the minimum stress possible.
No two cases are alike. The circumstances in which people seek to buy a home may raise complications such as wills and tax issues. Within the firm we have the expertise to offer advice as part of our complete service.
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