Shared Ownership Conveyancing

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Join David Keighley for a three-part series on Shared Ownership Conveyancing starting February 2023. The Buying & Selling of Shared Ownership Properties are an increasingly important sector of the property market. There are vital differences between these transactions and “standard conveyancing” about which all practioners should be aware. These sessions are designed to offer a practical guide for practioners acting for individuals buying or selling a shared ownership property.

 

Delegates will learn the following –

  • The differences between a “standard” lease & a shared ownership lease
  • The changes introduced by the updated lease
  • How SDLT on shared ownership transactions differs from other residential transactions

 

Session 1: Overview – 16.02.23, 10am – 11am

  • The role of Housing Associations and Homes England
  • The different types of Shared Ownership Lease
  • The “Fundamental Clauses” in use prior to the 2021 Model Lease This webinar will not include a detailed analysis of the 2021 Model Lease. That will be covered in session 2
  • Staircasing; how is it exercised and documented

 

Session 2: The 2021 Shared Ownership Lease – 23.02.23, 10am – 11am

Following a Consultation process in 2020 a revised Model Lease has been introduced for use in the grant of all new Shared Ownership Leases. This new lease will be in use on newbuild developments being sold in 2023.

The changes introduced to the model lease are significant & some of the new measures will also impact on existing shared ownership properties.

This session will consider the new provisions relating to:

  • Lease term
  • Initial share
  • Staircasing
  • Repairs & Maintenance
  • Resale process
  • Extension of existing leases

 

Session 3: Stamp Duty – 02.03.23, 10am – 11am


The rules in relation Stamp Duty & the calculation of tax in respect of Shared Ownership transactions are very different to “standard” transactions.  This session will look at:

  • SDLT on the initial grant of a lease including the making of and effect of a Market Value Election & changes introduced in the 2021 Lease
  • SDLT on a Shared Ownership resale
  • SDLT On Staircasing by the original buyer
  • SDLT where staircasing is NOT by the original purchaser

Summary: The Buying & Selling of Shared Ownership Properties are an increasingly important sector of the property market. There are vital differences between these transactions and “standard conveyancing” about which all practioners should be aware. These sessions are designed to offer a practical guide for practioners acting for individuals buying or selling a shared ownership property.

 

Delegates will learn the following –

  • The differences between a “standard” lease & a shared ownership lease
  • The changes introduced by the updated lease
  • How SDLT on shared ownership transactions differs from other residential transactions