LEGAL
Shared Direction Conveyancing is the only law firm in the UK dedicated solely to acting for purchasers of new build shared ownership properties Spotlight on Shared Direction Conveyancing
more local firm, buyers should understand that their solicitor is duty bound to act in their best interests and is acting for them not the seller. Buyers should also keep in mind that, as not all regular high street solicitors are familiar with shared ownership matters, they will probably charge more for the conveyancing and generally take longer when dealing with such cases. Also, because the paperwork tends to be similar for all plots on a development, it is more efficient for a solicitor to act for multiple buyers on a new build estate. Therefore, using a firm which specialises in shared ownership, especially one which is on a “panel” as explained above, means that you will be looked after by an expert who will most likely charge less and generally proceed quicker than if you used a conventional high street solicitor; you are also more likely to achieve the housing association’s purchase timelines. If you are buying a new build shared ownership property, Shared Direction Conveyancing is your ideal choice of law firm to share your journey into homeownership, as we have the experience and expertise to guide you through the process as quickly and simply as possible.
still see shared ownership conveyancing as more complex than “ordinary” conveyancing. Indeed, those solicitors aren’t wrong, shared ownership conveyancing can be more complicated for a number of reasons: 9 Shared ownership leases contain many provisions that you won’t find in other leases 9 Mortgages must be approved by the housing association the property is being purchased through, and lenders have more detailed requirements 9 The legal paperwork for new build properties is extensive There are some mortgage lenders who only have a limited number of conveyancing firms on their panel that they trust to act for them on shared ownership cases. A buyer who instructs a firm of solicitors which doesn’t specialise in affordable housing may therefore end up paying two sets of legal fees – their own solicitor’s fees for the conveyancing and their lender’s legal fees too. Housing associations, and the mortgage brokers they work with, will also often have panels of solicitors that they recommend who specialise in shared ownership. Buyers can be distrustful of using a firm of solicitors who has been recommended, fearing that they won’t be sufficiently independent. Although this is a natural concern and people may often wish to use a
We were previously the new build shared ownership department of Direction Law which, having dealt with some of the earliest shared ownership purchases in the late 1980s, grew to become one of the largest specialist affordable housing solicitors in the country. We have large specialist teams across our three offices in the South East, South West and the Midlands and in the 2022/23 financial year acted for over 3,800 new build shared ownership buyers across the country. Now, as a stand-alone niche firm, we continue to work closely with and are on the recommended panels for a plethora of dedicated housing associations and selling agents and over the past year our offices have worked with over 180 different housing providers.We are also recommended by a large number of specialist mortgage brokers with whom we have built close working relationships over many years. Walk around most towns and you will find a firm of solicitors offering conveyancing services. However, the vast majority of these will have little or no experience of affordable housing schemes such as shared ownership. Although it has been around for many years, it is only in more recent years that shared ownership has become more prevalent. However, affordable housing is still only a comparatively small proportion of the overall housing sector, and most solicitors
For further information visit sdc-legal.co.uk or for an instant quotation call 0808 273 0273
82 First Time Buyer February/March 2024
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