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Shared Ownership Conveyancing
The information on this page was built with property lawyers in mind concerning mortgage company specific requirements relating to shared ownership conveyancing. Housing associations, other social landlords and developers occasionally provide schemes under which a mortgagee will not have outright ownership of the property and a further party will also have a share or will be a taking an interest against the title. In these circumstances the conveyancer must check with the mortgage company to clarify whether they will go ahead with the loan and what their instructions are.
The CML lenders handbook sets out their requirements (and even tells the lawyer whether they are prepared to lend on shared ownership circumstances at all). By way of indication of differing conditions:
| Lender | Policy |
|---|---|
| Bank of Scotland Private | |
| Birmingham Bank | |
| Reliance Bank | |
| State Bank of India UK | |
| Swansea Building Society | |
| Virgin | |
| Yorkshire Building Society |
Recent Shared Ownership Conveyancing Questions:
- We have got an AIP from Kent Reliance. We are applying for shared ownership. Conveyancing is underway My aunt gave us a helping hand of £5k towards the property. Our property lawyer have requested her bank statements. I have provided them with the gift letter and her ID but she has outright refused to give her bank statement as she regards this as too intrusive.
- Our son has recently purchased a shared ownership flat in Edgware, purchasing the least amount of shares permitted but with an option to purchase more as funds allow. Would the Help to Buy scheme help to purchase additional shares?
- Where acquiring a shared ownership home what level of deposit does one require, Five per cent of the share or of total property valuation?
- We are planning to acquire a shared ownership house. It is not a newproperty, and a re-sale (i.e. not the standard new-build appartment and new lease scheme). The current lease on the share has just eighty years remaining. Will this impact marketability?
- How do I find out if a market value election was made for stamp duty on buying a shared ownership property? Conveyancing was in 2010 so I don't really want to go back to the property lawyer now. Can I write to the Stamp Duty Office or will the land registry help me?