Shared Ownership Solicitors Basingstoke

Shared Ownership Solicitors - Call 01344 567 887

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Avg. Property Price in Basingstoke - 2015: £236,465
Avg. Property Price in Basingstoke - 2014: £223,080
Increase Compared to Last Year +6%
Avg. Rent in Basingstoke - 2015 £838 PCM
Total Properties for sale in Basingstoke - 2015: 387
Population of Basingstoke and Deane - 2015: c. 171,900
RG24 9ES
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01344 567 887

Shared Ownership Solicitors Basingstoke

Our dedicated team of proactive, experienced and friendly conveyancing solicitors and surveyors are experts in shared ownership. You have all the expertise you need to sell or buy a shared ownership property in just one firm and we work to make the process a smooth and stress free one. You will appreciate that Shared Ownership can be an involved and complex area of conveyancing but we are there to help you overcome any challenges throughout. You may be buying your first share, going through staircasing to build up your share of your property or just selling one; regardless of the situation, we know that our solicitors and surveyors can assist you.

Our policy is always to provide a transparent, fixed fee quote for the work your shared ownership solicitor will do for you. This fee will never change as the process continues.unlike so many of our competitors. Our solicitors can also provide other relevant services such as will drafting, shared ownership agreements, advice on landlord disputes and much much more. As before, the quotes we provide for all our services are transparent and fixed fee. 

We are delighted to receive feedback from you about our quality of service once we have successfully helped you move and during any process, we pull out all the stops to make sure you're content. If you have any questions or issues during the shared ownership process, please call or email us. Our reputation rests on our Shared Ownership solicitors' service to our clients: they will do all they can to ensure you complete as smoothly as possible. 

If you'd like to find out more about our Shared Ownership Solicitors in Basingstoke, call us on 01344 567 887 or email us at help@shareamortgage.com.

What is Shared Ownership?

Shared ownership schemes are aimed at those who don't have enough to purchase a leasehold or freehold outright (whether with a mortgage lender's help or not) to purchase a property by dividing the ownership with a housing association. They purchase a share of a property, anywhere between 25% to 75% of the full value, and the housing association keeps ownership of the remaining share. They pay monthly rent to the association to cover the share they don't own . 

If you secure a shared ownership mortgage and a deposit, you can become a shared owner. As an example, to own a 25% share (£25,000) of a flat worth £100,000, you'd need to get a mortgage for £22,500 if you had to put up a 10% deposit for the share (£2,500).

Shared ownership solicitors carry out all the legal work for you and handle communications with the housing association and your mortgage lender. The process is generally more time-consuming than for normal conveyancing purchases. 

When you've completed your shared ownership purchase,  you can buy more shares in your property from the housing association. often subject to a period of time elapsing.

When you feel like putting your property on the market, if you own 100% of the property, you can sell it entirely by yourself. Normally, your housing association has the right of first refusal on buying the property back and holds this right for 21 years. If you own a share of your home, the association exercises the right to find a buyer. The onus is on you to pay for a valuation of the property to work out its current market value, a percentage of which is what the housing association will pay on buying back your share. You must factor in that the valuation only lasts 3 months: if you haven't completed your shared ownership conveyancing in this time otherwise you'll have to make sure that the association is still happy to go ahead. It might insist that you pay for a further valuation of the property. 

Fixed Fee Shared Ownership Solicitors in Basingstoke

Shared Ownership Solicitors fees are higher than normal: this reflects the additional work involved in the shared ownership process. All too often, cheap shared ownership solicitors don't quote for their final fee and simply supply a low estimate that isn't fixed.

Share a Mortgage always provides a fixed conveyancing fee quote for its shared ownership solicitors which includes all legal fees in one fixed quote including the bank transfers, mortgage, leasehold, shared ownership and admin fees.
Fixed Fee Shared Ownership Solicitors Basingstoke

You should always make sure you get a 'ceiling' on what you'll be expected to pay when comparing quotes between companies who don't fix their quotes when offering shared ownership solicitors. It's not unusual that people discover, after receiving a cheap conveyancing quote that isn't fixed, that they end up paying £100s more than they'd originally bargained for.

Our shared ownership solicitors fixed fee quote includes all legal fees you need to pay for when buying or selling your property. You can therefore use this figure constructively when working out your overall budget for moving home.

Need our help? Ensure you are comparing like for like when you are comparing quotes by calling us on 01344 567 887 and let us help you. We relish making sure you get a fixed quote at a highly competitive rate!


No Sale No Fee Shared Ownership Solicitors in Basingstoke

You can only be sure that you've become a shared owner when you've collected your keys from the housing association and moved in. Up to that point, the process is not complete and the matter could fall through, particularly in the Basingstoke market.No Sale No Fee Shared Ownership Solicitors Basingstoke

 

That's why we back all our quotes are backed with our no sale no fee guarantee - you don't have to pay for your full solicitor’s fee if the conveyancing falls through. We carry on working for you until you've successfully completed your house move.

 

Call us on 01344 567 887 to find out more about our no sale no fee conveyancing solicitors.

Fast Shared Ownership Solicitors Basingstoke – Our top tip

Getting a home buyers survey for your shared ownership property in Basingstoke from a RICS Surveyor can save you £1,000s by highlighting defects that can be shared or negotiated with the housing association. All too often buyers choose to not get a home buyers survey thinking that a mortgage valuation will cover them for this. Unfortunately, a mortgage valuation doesn't highlight structural defects or risks. 

Once you realise this and then choose to get a home buyers survey, you may find that you are pushed to get this done in time for exchange of contracts because you have waited so long. This is especially annoying as your shared ownership conveyancing solicitor needs some of the information from the survey to complete your legal work.

The best advice for fast shared ownership conveyancing in Basingstoke is to book your home buyers survey at the same time as you instruct your shared ownership solicitor. Surveyors are in high demand at the moment and bookings can often take 7 to 10 days and then the report 3 to 5 days after that so the sooner you book, the quicker you'll know if there are any defects with you property - plus you'll be set for a fast conveyancing completion!

Staircasing your shared ownership

After taking up ownership of your home, you can look to buy more shares in it. This process is known as 'staircasing'.
Staircasing Shared Ownership Solicitors Basingstoke
What your home's value is and when you want to buy the share will determine the cost of staircasing. If property values in your area have risen, you'll pay more for your second share than you will for your first share. Similarly, if values have decreased, you'll pay less than you did originally.

The housing association charges you for your property's valuation. When the result comes through, you will find out what buying an extra share will cost.

Stamp duty is a matter to be factored in when staircasing because you may become liable for it or become liable to pay an increased amount of it. Should you need to know what your position is when staircasing, please call us: it's worth bearing in mind that stamp duty can cost you £1000s.

Who can do Shared Ownership in Basingstoke?

Not everyone is eligible for shared ownership and Basingstoke's housing associations have their own area-specific criteria.

In general you are eligible to become a shared owner in Basingstoke if:

  • your household earns £60,000 a year or less
  • you’re a first-time buyer (or you used to own a home, but can’t afford to buy one now)
  • you rent a council or housing association property

You are also limited to only being allowed to buy leasehold properties. Basingstoke has a number of housing associations including Advance Housing & Support, Kingfisher, Malmesbury Field, Network, Raglan, Sentinel, Stonham and Weale Court, among others.

Property Statistics & Council Tax Bands in Basingstoke

Council tax band
for Basingstoke (Grove Ward)
Market value
from
Market value
to
Council tax 2015-6
  Basingstoke (Grove Ward)
A £0 £40,000 £907.36
B £40,001 £52,000 £1,058.58
C £52,001 £68,000 £1,209.81
D £68,001 £88,000 £1,361.03
E £88,001 £120,000 £1,663.48
F £120,001 £160,000 £1,965.93
G £160,001 £320,000 £2,268.39
H £320,001 Over £2,722.06
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