At L&Q, we know that buying any home is extremely exciting, but it can be confusing, daunting and, at times, stressful – which is why we’re committed to making the process as smooth as possible for all our customers.
Although Shared Ownership is a well-established Government scheme available since the 1980s, not all solicitors and mortgage brokers are experienced in handling these transactions. This lack of familiarity can not only cause delays but also put sales at risk, potentially leading to customers missing out on the property they intended to purchase due to missed timeframes.
We’ve worked with some of the very best specialist suppliers and market leaders across a huge number of developments over the years, and enjoy great working relationships with a number of independent mortgage advisors and solicitors – contacts we’re delighted to pass onto our customers to use if they choose to.
How does an Independent Mortgage Advisor support your Shared Ownership journey?
Finding the right mortgage can be a minefield at the best of times, and determining the best option for your individual circumstances isn’t an easy task – which is why it’s best to bring in the experts!
Independent mortgage advisors already have relationships with lenders, and some are even given exclusive rates and offers that can’t be found on the high street.
They can also:
- Tailor mortgage products, offering options specifically designed for Shared Ownership borrowing. Some advisors solely operate in the Shared Ownership market – making them experts in their field.
- Offer personalised advice and support buyers based on their previous knowledge of Shared Ownership developments and the sales process.
- Deliver proactive communication, keeping you updated throughout the mortgage application process, helping to quickly resolve any issues that may crop up.
What can you expect from your appointed Solicitor?
Conveyancing often tops the list of buyers’ least favourite aspect of buying a home, but it doesn’t have to be so hard! An important part of the process, a solicitor will primarily manage all the legal aspects of your house purchase, ultimately transferring ownership of the property to you. They can support and advise you on aspects such as understanding your lease, negotiate key dates on your behalf for Exchange and Completion and get the contracts ready for you to sign.
Using a solicitor that understands the ins and outs of Shared Ownership can help streamline the process significantly, and there are many who specialise in the homebuying scheme.
Additional key attributes to consider include solicitors who are:
- Brimming with industry knowledge, keeping up to date with the latest best practice and working with multiple Shared Ownership providers.
- Great at communicating, offering frequent updates and ensuring everyone is aligned throughout the process.
- Timeline conscious, following strict service standards, ensuring your deadlines are met.
Our customers are free to use any qualified solicitor or mortgage broker they choose. However, for those seeking additional support, please speak with a Sales Associate at your chosen development for further information. Typically, we assign two solicitors and one Independent Mortgage Advisor (IMA) per development to ensure seamless communication, faster processing, and a smoother experience. If you wish to use another firm from our panel that isn’t assigned to your development, please speak with your Sales Associate for further assistance.
We understand that some customers may feel that brokers and solicitors work for us rather than for them. However, customer satisfaction is our top priority. We carefully select firms that put our customers first, and we actively seek feedback through surveys at the exchange stage to ensure they meet your needs. Your feedback helps us continually improve, because your success is our success.
You can also find further information and articles about buying a home on our ‘news’ page.