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Gorvins Residential Shared Ownership Solicitors

Shared Ownership Solicitors

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Gorvins Residential conveyancing solicitors have experience in dealing with the complex nature of help to buy/shared ownership leases and we can confidently advise, assist and guide you through the process of purchasing your new home through these schemes.

Get a free quote for purchasing or selling your shared property. Call our shared ownership experts on 0161 930 5350, e-mail enquiries@gorvinsresi.comor fill in the online form

 

 

What is Help to Buy/Shared Ownership?

Help to Buy/Shared Ownership schemes, over recent years, have become a more realistic option for many people struggling to afford their own home.

Generally run through Housing Associations or Registered Social Landlords, these schemes operate whereby you purchase a share of the property (with a mortgage) and then pay rent on the remaining share you do not own.

There are a variety of schemes already in place and most have terms which allow the buyer to pay for further percentages in the property over time and ultimately buy the property outright.

All of these schemes have complicated terms and conditions attached and only a selection of mortgage lenders will lend money on them so is important to check with an independent financial advisor before entering into one.

Some private developers will also offer similar schemes to Help to Buy, known as Shared Equity, however a wider range of conditions applies.

How Can Our Shared Ownership
Solicitors Help?

It is crucial that anyone buying a property under one of these schemes seeks the advice of a lawyer before proceeding. Gorvins Residential are highly skilled solicitors specialised in shared ownership that can properly advise you on the terms and conditions of the scheme and your mortgage lender.

To discuss a Help to Buy/Shared Ownership or Shared Equity scheme, contact a member of the residential property team on 0161 930 5350, e-mail enquiries@gorvinsresi.com or fill in the online form.

What is 'staircasing' and how does it work?

‘Staircasing’ is the term used for buying additional shares of your property from the Housing Association after your initial purchase. For example, if you start by owning 40% of your home, you can later buy another 10%, taking your ownership to 50%. This reduces the amount of rent you pay to the Housing Association. The process typically involves having the property valued, formally notifying the Housing Association of your intent to staircase, and then instructing a solicitor like us to handle the legal transaction.

Am I responsible for all repairs and maintenance costs?

Yes, this is a critical point to understand. Even if you only own a 25% share of the property, the terms of a standard shared ownership lease make you responsible for 100% of the costs for all repairs and maintenance, both inside and outside your home.

What is the difference between Shared Ownership and Shared Equity?

While both are designed to help people buy a home, they work differently.

  • Shared Ownership: You buy a share of a property (e.g., 40%) from a Housing Association and pay a subsidised rent on the share you don’t own. You are a leaseholder.
  • Shared Equity: You purchase 100% of the property from the start. You typically provide a 5% deposit, secure a mortgage for a significant portion (e.g., 75%), and the remaining amount (e.g., 20%) is covered by an equity loan from the government or the property developer. You don’t pay rent, but you will have to repay the equity loan in the future.

Gorvins Residential is experienced in handling the legal requirements for both types of schemes.

Testimonials

Through a very stressful process buying a first home, Gorvins were confident and collected. Able to deliver what they promised and kept me updated through the stages. I was glad to have No Stress experience with our conveyancer in amongst the chaos of the rest of it.

Used as recommended by my mortgage advisor for a remortgage.  My case was dealt with by Natasha Sands and she made it complete smoothly and to my satisfaction.  Communication was great and all my questions answered promptly.  Will not hesitate to use again next time.

Fantastic service and for a fair price, special thanks to Joseph Hirst who dealt with my account from start to finish and was always on hand to deal with any queries I had, always got back to me in good time and made the whole process as stress free as possible.

Go with Gorvins, if you want peace of mind!

I recently instructed Gorvins to act on my behalf in the purchase of 5 apartments in Liverpool. I am happy to report that I was more than pleased with their performance.The services provided by the person in charge of the file at Gorvins was most professional, reliable and efficient. In fact she went out of her way to help in aspects which was not her responsibility and as a result the deal went­­ through smoothly.

OTHER SERVICES

Transfer of equity

Re-mortgaging

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Gorvins Residential LLP

Gorvins Residential is the trading name of
Gorvins Residential LLP

Dale House,
Tiviot Dale,
Stockport,
SK1 1TA