Shared Ownership
Shared ownership is an ideal solution for those looking at an alternative to renting. Importantly, our services are as robust and reliable as they are efficient – 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 experienced at dealing with the complexities of staircasing and mortgage lender requirements.
We are automating: Our systems just got 50% faster, so you now can secure your customers’ reservations before they leave the site office.
A dedicated Shared Ownership team: Specialist contracts require expert advisers. Our dedicated Shared Ownership team will guide customers through every step of this process.
We keep customers connected: Customers can be in control of their case through our portal, app and Alexa - 7 days a week
We provide quotes 7 days a-week: Customers can get a quote any day of the week.
We are on every lender panel: This gives customers the advantage of securing their mortgage with any lender they choose
PLS 24/7 Portal speeds up the process for customers: Customers can secure their new home reservation and lawyer before they leave the site office.
What is Shared Ownership
A middle ground between renting and buying outright, which offers buyers the chance to purchase a share (between 25% and 75%) in a new build or resale property, which significantly lowers the amount of money required to get on to the property ladder.
Who is eligible?
The scheme is open to first time buyers, and those who do not currently own a home.
What are the benefits?
You require a smaller deposit on the house and the monthly costs are generally reduced. You only pay a mortgage on the share which you own and below market value rent on the remainder. There is an option to ‘staircase’, which allows you to purchase more shares of the property from the shared ownership provider which owns the other shares in the property. This then provides you with more control over your home and can eventually result in you owning 100% of your property.
Our Approach to Shared Ownership
Shared Ownership contracts and the legal structure can be extremely complex. Purchasers therefore require hands-on advice, particularly during the early stages leading to exchange of contracts. Many Shared Ownership purchasers will be first time buyers, inexperienced and full of aspiration to own their dream home. It is our role to ensure that the purchaser clearly understands the roadmap from securing a mortgage to completing on their purchase.
Client Relationship Managers
Our dedicated Shared Ownership team get immense satisfaction from helping would-be homeowners take their first step on the property ladder. An independent client relationship manager is allocated to each team and acts as the “PLS buddy” for the client. From the outset, they introduce themselves to your customer and contact them at five key stages of the transaction. This ensures that we have “real time” feedback on the customer experience and that we are on track for a five-star service.
Where the site acquisition is not yet registered with the Land Registry
We appreciate that there will be circumstances where you have completed on the acquisition of the site, but the site has not yet been registered at the Land Registry, and that you will not want this to delay the exchange of the plots. In these circumstances, we will work with your solicitors to find a workable solution to ensure that the exchange of contracts is not unnecessarily delayed.
Get 24/7 updates on your case with the PLS Portal
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Now that we are connected with Alexa, customers are able to track their case using voice command
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PLS went above and beyond to ensure we received the desired outcome in our sale and purchase. Their staff are very committed and always available to speak to. I would thoroughly recommend them.
Peter
Latest News
See the latest news in Shared Ownership
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With the UK Budget announcement set for 30th October, many are eagerly awaiting updates on the potential rise in the National Minimum Wage. If the government moves forward with increasing the minimum wage, this could have a significant impact on the financial well-being of young people and those on low incomes—particularly for those aspiring to...
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3 min readFive Star Friday: “The speed of the entire process exceeded my expectations”
Really appreciated the online nature of the dealings.
Read More 13,000
customers every year
45%
of transactions
are New Build
From
15 days
for Exchange of contracts