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Shared Ownership Conveyancing
The page you are viewing is designed with conveyancing practitioners in mind concerning lender specific instructions relating to shared ownership conveyancing. Private Registered Providers of Social Housing, alternative social landlords and house builders sometimes provide schemes under which a mortgagee will not have complete ownership of the property and a third party will also have a share or will be a having a charge over the title. In such circumstances a solicitor is obliged to check with the lending bank to clarify if they will go ahead with the loan and what their requirements are.
Different banks have varying provisions. Some mortgage companies indicate to the lawyer whether they are prepared to lend in shared ownership situations at all. This can be seen by the examples below:
| Lender | Policy |
|---|---|
| Chelsea Building Society | We do not lend where the transaction involves either a shared equity scheme or shared ownership of the property. |
| Furness Building Society | As 1.11a |
| Kent Reliance | [This lender has not published an answer to this question. Please contact the lender.]
|
| Metro Bank | We do not lend on the above. |
| Mortgage Express (No 2) | [This lender has not published an answer to this question. Please contact the lender.]
|
| Reliance Bank | mortgages@reliancebankltd.com or 0207 398 5422 - Option 1 Discuss New Lending/Option 2 Discuss existing Reliance Bank Mortgage |
| Tipton Coseley Building Society | Mortgage Department. |
Selection of Shared Ownership Conveyancing Questions:
- What expenses are there likely to be on the purchase of a new Shared Ownership Property?
- I was planning to purchase a shared ownership house. To date we have spent £1400 in costs has been deducted in conveyancer fees, loan administration fee. I have changed my heart on proceeding. Question is: if I pull out, do we lose all the costs or do I get some of it back?
- I am planning to buy a shared ownership property. It's an oldhouse, and a re-sale (i.e. not the standard new-build flat and fresh lease scheme). The unexpired lease on the share has only 78 years remaining. Will this impact mortgageability?
- We are in the process of staircasing our shared ownership home outright. Our Housing Association valuation is 22k more than the lender's figure. I have spoken with the HA to reduce the valuation and they told me that because their "independent surveyor" can not vary his valuation they are refusing to reduce the valuation to match the mortgage company figure.