No-one can predict the future. Circumstances can change at any time and the ownership of your property may need to be changed as a result. For example, should a relationship break down, one party may no longer wish to own the property, and a transfer from joint to a sole name is required. Likewise, new partners may wish to become joint owners, requiring a transfer of the property into joint names.
While the process may be more straightforward than buying or selling a property, it still requires expert attention to ensure everything goes as smoothly as possible. For ownership transfers, LWR can take care of the paperwork and advise you clearly of the consequences and potential pitfalls of your transaction. You will then be able to make fully informed choices as to how to proceed with the future ownership, and be sure you are making the best decision.
Shared ownership, sometimes known as part-buy/part-rent, was launched by the government to support first-time buyers hoping to purchase their own home. The scheme is a low-cost route to home ownership and can provide an easier way to get onto the housing ladder. The benefits of shared ownership include:
Owning part of your home, rather than paying rent to a landlord with no return on your investment
It may be cheaper than buying a property outright and can sometimes cost not much more than renting
You are able to buy more shares in your property if you would like to
You are able to move if you would like
You only purchase what you can afford, so you don’t run the risk of overstretching your budget.
Shared ownership is typically with a Housing Association or other social landlord. Our team has dealt with numerous local schemes and a vast array of shared ownership applications. We are therefore familiar with all the possible implications for you when considering shared ownership, and can advise you fully on all aspects, including future opportunities. We are also aware that mortgage lenders often have stricter requirements for shared ownership purchases, and can ensure we comply with your particular lender’s requirements.