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Could Shared Ownership replace BoMaD?

Last year it was reported that the Bank of Mum and Dad (BoMaD) had become the 11th biggest mortgage lender in the UK, with family using cash savings or equity release to the tune of £6.3 billion to get their loved ones onto (or up) the property ladder.

In the last few weeks, however, Nationwide and Lloyds have clamped down on BoMaD contributions as a result of financial uncertainty caused by COVID-19, stipulating that no more than 25% of a mortgage deposit could be gifted. These stricter rules, coupled with a significant reduction in 90% mortgage deals on offer (46 compared to 758 this time last year), is a blow for first-time buyers, especially as the UK plunges into worst recession of any major economy.

All is not lost
These restrictions are paving the way for Shared Ownership, an increasingly mainstream housing scheme which offers an affordable route to home ownership for those otherwise unable to purchase on the open market. It’s also becoming a popular option for investors and house builders alike, and contributing to the Government’s aim of delivering 300,000 new homes per year.

recent spotlight on Shared Ownership by Savilles states: 

“Once Help to Buy ends, as Government states it will in 2023, Shared Ownership will become the main route to home ownership for those unable to access the market. This could increase demand for Shared Ownership homes by over 15,000 homes per year.”

We’ve identified an increase in Shared Ownership transactions within our own client base, and have expanded our Express range to accommodate this. In partnership with leading legal indemnity insurance broker Northcott Beaton, we created Express to provide a data-rich alternative to standard No-Search Insurance, as it also offers an additional comprehensive report pertinent to a client’s property.

With cover of up to £1 million (£2 million for Commercial), Express is typically returned in just 24 hours. Express is well suited for Shared Ownership, especially for New Build where exchange is typically required within 28 days of the purchase being agreed. 

Don’t fall down the rabbit hole
Our clients already have their hands full with extra leasehold matters concerning Shared Ownership. Express helps to help ensure transactions don’t get side tracked with lengthy investigations when time is of the essence, whilst still being able to demonstrate
 a duty of care to their own clients (and lenders) by providing information to the best of their ability.


Express provides cover in place of the following searches, which can often cause unacceptable hold ups:
  • A Search of the Local Land Charges Register form LLC1 
  • A Search of CON29R and/or CON29O records 
  • A Search of Water and Drainage records on CON29DW
  • A search of the Coal Authority’s records on form CON29M
  • An environmental risk assessment (excludes Commercial Express)
  • A full Chancel Repair Liability search
With over 80 data points, the additional data report includes:
  • Road, Rail and Traffic Schemes
  • Planning applications and Local Development Plan policies
  • CIL question 3.10a
  • Building Works, Environment, Health & Safety, Housing, Highways and Public Health
  • Enforcement Notices, Stop Notices, TPOs, Listed Building Repairs etc.
  • Conservation Areas (proposed or pre 1974)
  • Compulsory Purchase

Our clients have been relying on Express since 2015 for instances when even an expedited search isn’t fast enough

If searches are causing unacceptable delays and the transaction is at risk of collapse…
Express gives you the best of both worlds. You have all the security of a No-Search Insurance policy, with the majority of data (over 70%) that you would typically obtain from local authorities. Express means that you and your client can complete quickly, and with more confidence.

Download a sample report to see how it can help your firm

Express allows conveyancers to transact quickly in the following sectors:



To find out more about OneSearch Express, call the Service Introduction Team on 01782 433 270 or email

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