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Shared Ownership Conveyancing
The information on this page was built for residential solicitors concerning lender specific instructions in respect of shared ownership conveyancing. Housing associations, alternative social landlords and house builders sometimes provide schemes under which a borrower does not have complete proprietorship of the property and a outside party will also have a share or will be a registering an interest against the title. In these cases a conveyancer must check with the individual lender to clarify whether they will go ahead with the loan and what their requirements are.
Different lenders have varying provisions. Some mortgage companies indicate to the conveyancer if they are willing to lend on shared ownership properties at all. This is reflected by the examples below:
| Lender | Policy |
|---|---|
| Bank of Ireland Mortgages | See 1.11 We don't lend on a shared ownership basis. Affordable housing and shared equity schemes will be considered if details are provided. |
| Birmingham Midshires | We do not support this lending. |
| Precise Mortgages | We do not lend under these circumstances. |
| Rooftop Mortgages | We do not lend in these circumstances. |
| Royal Bank of Scotland | We do not lend on shared ownership properties other than in circumstances where the transaction in question will result in the borrower owning 100% of the property at completion. For shared equity and affordable housing you need to notify us (as detailed above in 1.11a) giving details of the proposal. |
| RBS (One Account) | We do not lend on shared ownership properties other than in circumstances where the transaction in question will result in the borrower owning 100% of the property at completion. For shared equity and affordable housing you need to notify us (as detailed above in 1.11a) giving details of the proposal. |
| Together Personal Finance | Contact point as detailed in 1.11a above. |
Recent Shared Ownership Conveyancing Queries:
- We are staircasing up to 100%, our solicitor is saying that she is unsure whether we are likely to benefit so she is suggesting we pay the larger amount. Is this right?
- I am in the process of buying our shared ownership flat outright. The Housing Association valuation is £25,000 over the mortgage company valuation. I approached the HA to lower the valuation and they told me that because their "independent surveyor" will not change his valuation they are unwilling to lower the valuation in line with the mortgage company figure.
- Where buying a shared ownership home what kind of deposit do I need, 5% of the share or of total property valuation?
- I've heard that it can be quite difficult to find purchasers for a shared ownership property. Is this right?