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Shared Ownership Conveyancing
The information on this page has been created with lawyers in mind concerning bank specific obligations in connection with shared ownership conveyancing. Housing associations, other social landlords and house builders sometimes provide schemes under which a borrower does not have 100% ownership of the property and a outside party will also own a share or will be a registering an interest against the property. In these circumstances the conveyancer must check with the mortgage company to clarify if they will go ahead with the loan and what their specific legal obligations are.
Different banks have varying provisions. Some lenders indicate to the conveyancer if they are willing to loan monies on shared ownership circumstances at all. This is reflected by the examples set out here:
| Lender | Policy |
|---|---|
| Adam & Company International | See 1.11 |
| Ahli United Bank | We will not lend on either shared ownershio or shared equity tenures |
| 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. |
| Coutts Finance | See 1.11 |
| Secure Trust Bank | We do not accept shared ownership or shared equity properties. |
| Swansea Building Society | 11/12 Cradock Street Swansea SA1 3EW 01792 739100 |
| Whistletree | This is outside of our general lending policy but if you consider that the transaction does fall into this category you should contact Customer Services, other details as 1.11a |
Sample of Shared Ownership Conveyancing Questions:
- I have thirty percent of a shared ownership flat. I now wish to buy the remaining 70%. I appointed the surveyor suggested by the Association. The report suggested the price is £355k. But my neighbor has the same size flat and used the same surveyor, but his flat price is £332k only due to his need to sell. Can you offer any tips on how I may achieve my apartment price reduced?
- My husband and I are the process of acquiring a shared ownership new build flat, and based on what I've read it is is wise to organise for a surveyor to prepare a snagging list.Do you have advice?
- We have got an AIP from Kent Reliance. We are applying for shared ownership. Conveyancing progressing My grandmother gave us a gift of £5k towards the property. Our lawyer have requested her bank statements. I have supplied them with a letter confirming it’s not a loan her ID but she refusing to give her bank statement as this is too personal which is understandable.
- Our daughter has just bought a shared ownership apartment in Bristol, purchasing the least amount of shares allowed but with an option to buy additional shares in the future. Would the Help to Buy scheme help to purchase additional shares?
- What expenses are there likely to be on when buying a new Shared Ownership Property?