At The Dures Partnership we will ensure your shared equity purchase progresses
smoothly from the moment you instruct us. From day one until completion of your
purchase we can assure you of our utmost attention to details and your needs.
We will
guide you through the shared equity procedure and advise you of the particular
implications of this type of purchase, particularly in relation to the ability to purchase
additional shares in the property and the re-sale process.
We use the latest technology to be able to progress your purchase and keep you fully
informed throughout. We believe in having strong communication with our clients
and all others involved so everyone knows what stage the transaction has reached at
all times. This will enable you to make realistic arrangements for moving and reduce
the stress frequently encountered in buying property.
You can have online access to your file to view the various stages reached as
your purchase proceeds. This means you will always know how we are conducting the
purchase of your new home.
Shared Equity Purchase Procedure
Once you have decided to instruct us, our efficient and qualified legal team will proceed with the transaction immediately, as we aim to complete your sale within 6-8 weeks. If you have a particular date/timescale our team are happy to accommodate your needs.
General Information
Shared Equity schemes are designed to assist people who cannot currently afford to purchase their home outright and therefore give them the opportunity to initially purchase a percentage.
The method, in which Shared Equity works, is simple. You purchase a certain percentage that you can afford, for example 50%, and rent the remaining 50% of equity from the Housing Association.
Particulars of Sale
The Agents will provide us with full details of the property along with the Housing Association's full name and their Solicitor's details.
Contract Documentation
The Housing Association's Solicitor is responsible for drafting the Contract, Lease and providing title documentation.
Searches
If you are obtaining a mortgage for your purchase, we will have to carry out various searches including: Local Authority Search, Environmental Search, Chancel Repair Check and Land registry Searches.
Preliminary Enquiries
Once we are in receipt of the Contract package we will inspect the documentation contained therein and raise any necessary enquiries. We must also check that the lease is acceptable to your lender and that your mortgage is acceptable to the Housing Association.
Report on Title/Signature of Documents
Our report on title will be provided to you in detail and explained in terms you can fully understand. It will contain full information in relation to the property that will be transferred to you on completion.
Exchange of Contracts
Exchange is carried out by us with the seller's legal advisor. A full 10% of the purchase price is usually paid to the seller on exchange, as a deposit. If a full 10% is not available a lesser amount can sometimes be agreed. Once Contracts have been exchanged, both parties are LEGALLY BOUND to complete the transaction.
Financial Statement
We will provide you with a full breakdown of costs before completion, so you can arrange to provide us with any outstanding amount.
Completion
This is the 'Moving Day', on which the share in the property will be sold and transferred to you. A member of our team will contact you immediately after having confirmation that funds have been received to advise you that completion has taken place and authorise collection of keys.
Post Completion
We will receive all the Title documentation from the sellers Solicitor and submit the Stamp Duty Land Tax Return and apply to register your ownership at Land Registry which normally takes two to three weeks to be completed. Thereafter your ownership will be recorded on Land Registry's database. |
