LEGAL
Resale-ability with Owen Paulo
At Owen Paulo, we are very passionate about Shared Ownership, and being the only conveyancing firm that solely specialises in resales and staircasing, education and awareness is something incredibly important to us. Joel Taylor, Head of Business Development and Marketing at Owen Paulo Legal, explains about resales
will have a strong understanding of the lenders within the Shared Ownership sphere and will be able to find one that will proceed with the lease as it is. It is important to remember that no person has the same experience and no property is the same, at the end of the day it is all about who you chose to lead you through this experience. Therefore, it cannot be repeated enough, the best thing you can do is instruct a broker, agent and solicitor that know about resales Shared Ownership. Between them, their shared knowledge can be a great help through a stressful time. Owen Paulo specialises in resales and staircasing and we are happy to offer further advice or a quotation. Please email enquiries@ owenpaulo.co.uk, visit our website or call us on 0808 196 7020
have solicitors that they recommend, and they recommend them for a reason, because they are experts in Shared Ownership aftersales and know what they are doing. Finally, another common sticking point for resale properties is errors in the lease. Over the years, Homes England has issued new model Shared Ownership leases. When this happens, current leases in circulation are not amended. This means that when a buyer comes to purchase a resale property and the lease does not meet the requirements, some lenders will not agree to proceed unless the lease is amended. Some housing associations will not agree to amend their lease and so a new lender will need to be found. This is where it is important to instruct a broker that understands Shared Ownership. Brokers
One of the biggest questions we are asked is if it is true that it is impossible to sell a Shared Ownership property? The short answer is no; Owen Paulo wouldn’t be a trading firm if that were the case! That being said, there is no denying that Shared Ownership transactions can be quite complex and that complexity is what makes them appear difficult to sell. However, by instructing a broker, agent and solicitor who are experienced with Shared Ownership, you would be surprised how smooth the process can be! The first point to consider is that when selling a resale, you will have something called a “Nomination Period”. This is referenced in your lease and all it means is that the housing association will have a set amount of time to find you a buyer for your share. This amount of time can vary, but it is usually around eight weeks. If, after the nomination period has expired, the association has not found a buyer then you are free to find one yourself. If you are looking to move by a certain date (moving for a job or school catchment area for example) then it is vital that you factor this in when looking at time frames. This is where it is important to ensure that you instruct an estate agent that knows about Shared Ownership and has experience in those types of transactions, as they do differ from standard residential conveyancing transactions, especially if there is a staircasing element involved also. The time frame for the legal work on a resale property is approximately 12-14 weeks, from the point of the seller’s solicitor issuing draft papers. It can feel like a long time, but this is where it is important to instruct a solicitor that knows resales Shared Ownership. The housing association and broker will
126 First Time Buyer June/July 2026
Made with FlippingBook flipbook maker