Consulting A Solicitor Before Going For Shared Ownership: Prevention Is Better Than Cure!

Everybody wants his own home

Everybody wants his own home. But in todays world, owning a property is almost impossible. The ever increasing rates of the land as well as construction make it too difficult for the people to purchase properties at their will. That is why the concept of shared ownership has come up. It is a simple practice which implies that you are liable to own a house, but a part of it has to be shared by the housing association. So partially a house is bought and partially it is taken on rent.

This scheme is mainly introduced for the people who find it difficult to afford the entire house in one go. So for the time being the some part of the house is owned by the association and the owner pays rent for it while he / she buys the rest of the house. Now the percentage of the property which an owner buys depends upon his / her affordability. And automatically for the rest of it, he/she keeps paying the rent. The amount of share being mortgaged to the housing commission can be bought eventually. As and when possible, the owner can buy the remaining shares until he becomes owner of full property.

The houses which are taken on part rent part buy basis have got advantages as well as disadvantages. The biggest advantage is that the property of choice can be afforded in this manner. The housing commission provides a lease to be signed to mark the final agreement. And there are certain areas where the housing commission can be clever and you might have to be extra careful before finally signing the agreement. The important points to be taken care of before going for the shared ownership are as follows:

-Make sure to clear it with the commission that the house is liable to be renovated as per your wish

-Whether you can buy the part of the rented house in times to come or not. You have to take care of this point else you can never become the sole owner of the property

-The number of installments and the amount of money to be paid in each installment.

Apart from the above mentioned risks, another major point to be give importance is that till the time you have the house on part rent part buy basis, you would be paying both rent and mortgage of the rented area. So care should be taken to pay the money on time else you would be at the risk of loosing the property.

So on an all, the procedure is a bit complicated and in legal matters, it is always advisable to consult a solicitor. He would look into the matter and would make you understand the consequences of going for a respective deal making it easier for you to make a decision. He would also make sure that in case there are any flaws in the lease, how to set them right so that you should not get caught in the wrong agreement. So go for a consulting firm as soon as possible to get things right and become the owner of your home.

by: Ray Kersten

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