Why is shared ownership attractive to today’s buyers?

A modern law firm for a modern means of buying property

Misinformation and misunderstandings are not contemporary phenomena – they have been prevalent in the property sector for decades. One particular untruth, perpetuated by the forebears of would-be first-time buyers, remains remarkably persistent despite significant evidence to the contrary.

It really should not need stating, but the much-held belief that the ratio between the house prices and incomes of today are relative to those of yesteryear borders on the ridiculous.

The reality is that those seeking to step across a threshold of their own are faced with a far steeper first step to climb than those who have ascended the property ladder before them. Fortunately, in shared ownership, today’s customers have a modern and more accessible means of purchase open to them. 

It is a route to residency that will become increasingly well-trodden given the government’s recent decision to set the scheme’s minimum share purchase at just 10 per cent and allow staircase increments of 5 per cent, and that the hugely popular Help to Buy scheme is soon to be consigned to history.

Shared ownership is an ideal invention for the many, from university graduates who may already have landed competitive salaries but are yet to amass sufficient savings and key workers – including NHS staff and teachers – on trusted income trajectories to growing families.

These homeowners of tomorrow are predominantly young, tech-savvy and champions of convenience; attributes which will attract them to the services of PLS Solicitors.

Just as Shared Ownership is at the spearhead of a bright new chapter for first-time buyers or those stepping up to the next level, our embrace of digital documentation and the digitalisation of the transaction process has placed us at the forefront when buyers are choosing the firm which is right for them.

It is intuitive for members of the smart phone generation to want to manage transactions via their mobiles and our easy-to-use app enables customers to access and sign forms and submit proof of identification. The portal brings an expected immediacy, efficiency and expediency to the conveyancing process that ultimately benefits both buyer and vendor by properties exchanging and completely more quickly.

Importantly, our services are as robust and reliable as they are rapid – qualities evidenced by the wealth of repeat and referred business we receive from personal clients, property developers and housing associations. We enjoy enduring relationships with a growing number of shared ownership providers who have a team at PLS Solicitors exclusively dedicated to representing their buyers and who are experiences at dealing with the complexities of staircasing and mortgage lender requirements.

We believe that our expertise in shared ownership and use of advanced technology leads to a happier buyer. The service from the buyer’s solicitor is known to be a contributory factor to the five star rating which the buyer will then hopefully award to the developer when completing their customer satisfaction survey. The transaction also exchanges more quickly meaning that the high expectations/targets on the sales teams within the shared ownership provider can be satisfied more easily.

Rather than customers having to decode a complex game of Chinese whispers involving solicitors, developers and agents to establish the current state of play, we make the true picture readily available at all times.

Our askPLS tool allows case progress and mortgage status to be tracked using an Amazon Alexa smart device and, for those in need of a reassuring human voice, we remain open seven days a week, until 7pm on weekdays and 4pm on weekends, to respond to any queries or quell concerns.

Knowledge is power and, in sharp contrast to fake news, our information can be trusted and relied upon to support those members of “generation PLS” seeking the keys to a shared ownership home.