Shared ownership is increasingly popular for home buyers in a market where property prices have risen significantly in recent years. As a residential conveyancer, you will know there are key differences between shared ownership transactions and the usual conveyancing transaction.
Funding property purchases through government help to buy schemes is also increasingly important to buyers trying to enter the property market. But do you understand how to fully and effectively advise your clients about the implications of their purchase using these schemes? A recent survey indicates, for example, that most residents in shared ownership schemes are confused about their tenure, and don’t know how to move between properties.
If you are a residential practitioner acting for individuals buying a shared ownership property, or funding a purchase with a help to buy loan, this vital course provides you with a practical overview of the schemes. Our well known and respected residential property expert, David Keighley, will take you through the key aspects of shared ownership and help to buy, and the challenges you need to be aware of.
You will go away with greater confidence in your ability to approach transactions, and to advise clients effectively.
Key learning outcomes
- Understand the types of shared ownership leases and typical terms
- Appreciate how to deal with SDLT in the context of shared ownership
- Approach the practical and tax implications of staircasing with confidence
What does this course cover?
This course provides an overview of shared ownership and help to buy schemes, including:
- An introduction to shared ownership
- The role of housing associations and other providers
- The different types of shared ownership lease
- Conveyancing issues arising in shared ownership transactions
- Overview of the shared ownership lease, including: restrictions on assignment; pre-emption; mortgagee protection; staircasing; extension or variation; and consequences of rent or service charge arrears
- Implications of section 106 agreements
- Stamp Duty Land Tax: including the making (and effect) of a market value election; the significant changes to calculation of tax on staircasing; and related practical problems
- Exercising and documenting staircasing
- Land Registry issues
- Help to buy loans, including Help to Buy ISA
- Practical tips and traps