Shared ownership properties are a popular way to get onto a challenging property market. They allow you purchase a share in a property and pay rent on the remainder. Alongside these properties is a longer conveyancing process for both buying and selling.
In this article we look at conveyancing for shared ownership and what the process involves.
Choosing Shared Ownership Conveyancing Solicitors
Shared ownership conveyancers have some extra duties compared to traditional ones. They will review the lease between yourself and the housing association. They will also check for any restrictive covenants or obligations set out by the housing association or freeholder.
Your conveyancer will then arrange the exchange of contracts. Once contracts have been exchanged, they will set a completion date.
Shared Ownership Conveyancing Solicitor Costs
For your conveyancing costs you can expect two costs. This is the the average cost of conveyancing plus the shared ownership fee. On average, the extra fee for Shared Ownership properties is £330. Depending on whether you are buying or selling will depend on your conveyancing costs.
Our figures in the table below are based on the current average UK property price of £292,000.
| Type of Cost | Buying | Selling |
|---|---|---|
| Conveyancing | £1,743* | £814* |
| Shared Ownership Fee | £330 | £330 |
| Total | £2,073 | £1,144 |
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The Shared Ownership Conveyancing Process
Instruct Solicitor
Once you have agreed to purchase the property, you will need to instruct a solicitor to help with the documentation. It is advised that you find a solicitor who is a specialist with these types of transactions.
Check Documents
Your solicitor will then check all the relevant documentation associated with the transaction. This can include
- Contract
- The scheme you are purchasing through
- The lease
- Any planning permissions
It's due to these additional checks that contribute to added conveyancing time. Though your solicitor should be able to review these quickly.
They can also advise how you can 'staircase' your way to increased ownership in the future.
Searches
As with traditional conveyancing, they will be carrying out conveyancing searches. These include
- Local Authority Search
- Environmental Search
- Water and Drainage Search
- Land Registry Search
Exchange of Contracts
This is the most important part of the process as this is when it comes legally binding. Its after exchange of contracts where neither party can pull out without facing legal and financial penalties.
Completion
This is the stage where everything has been completed. Funds have been transferred to the sellers solicitor, stamp duty will be paid and keys will be handed over.
How Long Does Shared Ownership Conveyancing Take?
The standard conveyancing process takes on average between 8 to 12 weeks from the time a sale is agreed. Typically conveyancing for Shared Ownership takes longer than an average property sale.
The length of time it takes will vary depending on the transaction itself. Shared Ownership properties are always leasehold. This involves more paperwork such as reviewing documents included within the leasehold management pack.
Read more on Freehold vs Leasehold: What's the Difference?
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Find a Conveyancer
At Compare My Move, we can connect you with up to 6 conveyancers to save you up to 70% on your conveyancing costs. You will be able to speak to each company you are matched with and discuss your requirements with them.
All our conveyancing partners have passed our strict verification process for your peace of mind. These include being regulated by any of the following:
Solicitors Regulation Authority (SRA)
Council for Licensed Conveyancers (CLC)
Law Society of Scotland (LSS)
Law Society of Northern Ireland (LSNI)
Chartered Institute of Legal Executives (CILEX)
Need a Surveyor?
Once you've found a conveyancer, you soon might need the help of a RICS property surveyor. Simply fill in our integrated conveyancing and surveying comparison form to get connected today.
You can compare companies through our integrated conveyancing and surveying form by filling out a few extra steps. We will then connect you with local conveyancers and surveyors to save on the whole process.
*Based on the average service costs for Compare My Move users. See how our data works.
