A solicitor is a key part in the successful completion of any property sale. When you come to sell your shared ownership home, your solicitor will be just as important and it can be helpful to ensure you appoint a solicitor with previous experience in completing shared ownership transactions.
MovingSoon have considered our User’s most frequently asked questions and thought it would be helpful to create a short blogpost to answer them.
What are Solicitors fees for selling shared ownership?
Solicitors fees for selling shared ownership should be similar to those costs for selling a house outright. However, it is always worth checking this before appointing your solicitor to act for you. Costs can be increased if the transaction is more complex due to the property being shared ownership. It is worthwhile getting free shared ownership solicitors quotes to get an idea of the costs involved.
What do the Solicitors fees cover for selling shared ownership?
Your solicitor will need to be in touch with the solicitor of the person buying your shared ownership home as well as the housing association. Part of their job will be to give the required documentation to the solicitors of those buying your shared ownership home to make sure everything is in order.
Your solicitor will also need to be in touch with your bank or building society to make sure all relevant payments are correct before being processed. They will also generate the official contract of sale of your shared ownership home. This will enable you to complete the sale. It can be more complex due to the fact you are selling a shared ownership home.
Will solicitors fees be less to sell a shared ownership home?
Typically speaking solicitors fees for selling your shared ownership home should be less due to the fact you will have no costs associated with them doing the relevant local searches which should be done by the solicitors of those buying your shared ownership home.
However, because shared ownership properties are typically leasehold there may be more costs associated with using solicitors as there could be more paperwork for them to fill out before your shared ownership sale completes.
Where can I find solicitors who can sell shared ownership properties?
A good starting point is to ask your housing association for any recommendations as they may have a list of providers they use. As we mentioned earlier it is worthwhile getting free shared ownership solicitors quotes. These can give you idea of the fees involved and more choice about which solicitors to appoint when selling your shared ownership home.
We hope you have found this article helpful. If you have sold you shared ownership home recently please let us know your experiences.