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Shared Ownership Conveyancing
This web page was built for residential conveyancing practitioners concerning bank specific instructions in connection with shared ownership conveyancing. Non-profit making legal entities, other social landlords and house builders sometimes provide schemes under which a borrower does not have 100% proprietorship of the property and a outside party will also take a share or will be a registering an interest over the property. In these situations the property lawyer is obliged to check with the individual lender to clarify if they will lend and what their instructions are.
The UK Finance lenders Part 2’s specifies their requirements (and even tells the solicitor if they are willing to loan monies in shared ownership situations at all). For instance:
| Lender | Policy |
|---|---|
| Bank of Scotland Private | We do not accept shared ownership or shared equity properties as security. |
| Coventry Building Society | CBS does not lend in any of these circumstances. To include any existing equitable charge relating to affordable housing on a re-mortgage property for example but not exclusive to Help to Buy Equity Loan Schemes |
| Fleet Mortgages | Not applicable. We will not lend on properties to which this section applies. |
| New Street Mortgages | N/A. New Street will not lend in these circumstances |
| Paratus | Not Applicable. We do not current lend on properties involving these schemes. |
| Swansea Building Society | 11/12 Cradock Street Swansea SA1 3EW 01792 739100 |
| Tandem Bank | As per 1.11 |
Selection of Shared Ownership Conveyancing Queries:
- What expenses are there likely to be on if acquiring a new Shared Ownership Property?
- I own thirty percent of a shared ownership flat. I would like to acquire the residual 70%. I used the surveyor put forward by the HA. The valuation suggested the price is £360k. But my neighbor has the same size flat and used the same valuer, but his flat price is £327k only due to his need to sell. Can you offer any advice on what I can do to get my valuation price adjusted downwards?
- I am hoping to acquire a shared ownership house. It's an oldhouse, and a re-sale (i.e. not the normal new-build appartment and new lease scheme). The current lease on the share has just eighty years remaining. Is this an issue?
- When Purchasing a shared ownership apartment what kind of deposit does one require, Five per cent of the share or of total property value?