Shared ownership transactions – beware the pitfalls
Sadly, many of those who instruct residential conveyancing solicitors to proceed with a shared ownership transaction may fail to take account of some of the ramifications of this type of property ownership.
For example, if you have part equity in a shared ownership property it can be difficult to sell the property on. This is because Housing Associations sometimes require that sellers buy up full equity before proceeding with a sale – inevitably, for the typically cash-strapped shared ownership seller, this can present problems.