Specialists in Shared Ownership Property: Burrows Solicitors
When it comes to shared ownership property, you need a team of experts who understand the ins and outs of buying, selling, staircasing, and remortgaging. That’s where Burrows Solicitors comes in. We have a dedicated team of shared ownership property specialists who provide comprehensive advice and representation for all aspects of shared ownership transactions.
Why Choose Burrows Solicitors for Shared Ownership?
Buying a property through a shared ownership scheme is a popular form of ownership. Our experienced shared ownership solicitors assist numerous shared ownership property owners every year.
Buying a Shared Ownership Property
When purchasing a shared ownership property, it is crucial to work with a lawyer who specialises in shared ownership transactions. . With our expertise, we can provide you with expert advice to protect your legal position and address all your questions about future ownership.
Guidance on Shared Ownership Stamp Duty Options
Stamp Duty Land Tax (SDLT) can be complex. Shared ownership purchasers have two options to choose from, depending on the share being purchased, which adds further complexity. Many purchasers are unaware of these options during discussions about their prospective purchase and shared ownership conveyancing. At Burrows Solicitors, we are happy to discuss these options with you so that you can make an informed decision based on what’s best for you and your circumstances. Please note that these options only apply to new shared ownership lease purchases, not second-hand shared ownership purchases.
Option 1 – Market Value Election: You can choose to pay SDLT on the full market value of the property, which may result in lower overall SDLT payments if you plan to staircase in the future.
Option 2 – Paying in Stages (as you staircase): This option allows you to pay SDLT in stages as you gradually increase your equity share. It may be suitable if you’re uncertain about staircasing or prefer to keep cash reserves at the initial equity purchase stage.
The best shared ownership Stamp Duty option for you depends on your personal circumstances and long-term plans for the property. Call 0208 904 7725 today to discuss your options with a shared ownership specialist.
Staircasing (Purchasing Additional Equity)
Purchasing additional equity in your shared ownership property is an exciting step. By engaging an experienced shared ownership property solicitor, you can ensure a smooth and stress-free process.
If you’re simultaneously remortgaging and staircasing, Burrows Solicitors can handle the legal work for both the remortgage and equity purchase, ensuring a prompt completion of your additional equity purchase.
Selling a Shared Ownership Property
When selling your shared ownership property, you have the freedom to choose your own property lawyer. However, your purchaser may select a conveyancer with little experience in shared ownership property transactions, which can lead to potential delays. To ensure a smooth transaction, it’s vital to instruct a specialist shared ownership solicitor who can anticipate queries and provide timely answers to your purchaser’s conveyancer.
An experienced shared ownership conveyancer is also familiar with the requirements of registered providers, minimising communication delays and ensuring a streamlined exchange of vital information to keep your shared ownership sale on track.
Remortgaging Your Shared Ownership Property
Whether you’re remortgaging and staircasing or simply remortgaging, Burrows Solicitors’ specialist team of shared ownership conveyancing solicitors is here to advise and represent you throughout the process. We are on the panel of all major lenders, which positions us perfectly to guide you through your shared ownership remortgage, liaise with your mortgage lender and broker (if applicable), and handle all the necessary legal work efficiently.
Choose Burrows Solicitors for Expert Shared Ownership Conveyancing
At Burrows Solicitors, we understand the unique complexities of shared ownership property transactions. With our team of shared ownership specialists, we provide comprehensive and efficient legal services tailored to your specific needs. Contact us today to discuss your shared ownership property requirements and receive expert guidance throughout the process.