Co-ownership is a “Do it yourself shared ownership scheme “which is unique to Northern Ireland, set up to help those who were struggling to get on the property ladder.
The idea behind co-ownership is that you buy a share of the home (anywhere between 50%- 90%) and pay rent on the remaining share. There is an option for you to buy more shares in your home anytime after you become the owner, which is known as “stair casing”.
This type of house move can be complicated for people unfamiliar with the particular procedures involved. At Worthingtons Solicitors, we have a team of conveyancers who have dealt with this type of transaction on numerous occasions and so are highly qualified to advise you on all of the steps involved.
The Co-Ownership legal package is available for those who use the same solicitor as Co-Ownership Housing to buy the property. You choose the solicitor, but they must be on the co-ownership panel. The legal package includes a fixed rate £210 professional fee. You must also pay the£400 application fee to Co-Ownership Housing, together with any costs and outlay incurred by your solicitor.
We set out below some specific issues to think about in this type of property purchase:-
- all properties depend on a valuation and in addition must have a price of £150, 000 or less
- new properties must have a 10 year build warranty
- properties under 10 years old must have the balance of the original build warranty.
Throughout every stage of the co-ownership process our team of dedicated conveyancers will work with you to ensure that your dream of making it onto the property ladder becomes a reality.