Shared Ownership Title Checking

What is the maximum combined household income outside of London you can earn to qualify for a Shared Ownership property?

• £80,000

• £90,000

• £100,000

• £70,000

Are you allowed to sublet a Shared Ownership property?

• Yes, provided you have the Landlord consent first like a normal Leasehold property

• No

• Yes, provided you have Staircased to 100%

What is the maximum percentage you can Staircase to in a designated protection area?

• 70%

• 80%

• 90%

• 100%

How long is the Valuation Report valid for on Shared Ownership properties?

• 1 month

• 2 months

• 6 weeks

• 3 months

What is the purpose of having the buyers mortgage offer approved by the Housing Association?

• Its a UK Finance Lender Requirement

• It validates the Mortgagee Protection Clause in the Lease

• Company Policy

• Only required if the lender is unaware the property is Shared Ownership

How long would a buyer need to own a Shared Ownership property before they can apply to Staircase their share?

• 12 months

• 6 months

• 24 months

• 18 months

If you have not Staircased to 100% on a Shared Ownership property, how long does the Housing Association have to nominate a buyer?

• 2-4 weeks

• 4-6 weeks

• 6-8 weeks

• 8-10 weeks

How much Notice must you give the Housing Association between Exchange and Completion?

• 5 working days

• 1 working day

• 7 working days

• 10 working days

Since 30th April 2015 what are the Fundamental Clauses in a Shared Ownership Lease?

• Alienation Provisions

• Mortgagee Protection Clause

• Rent Review

• Pre-emption Provisions

• Staircasing Provisions

Does every purchaser whether initial or subsequent have the option to choose to pay stamp duty on either the share purchased or the full market value?

• Yes

• Depends if they are a First Time Buyer

• No, this only applies on a initial purchase. Buyers pay SDLT on the assignment premium and on any Staircasing above 80%