Shared Ownership Solicitors Essex

Shared Ownership Solicitors - Call 0333 344 3234

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Avg. Property Price in Essex- 2015: £269,132
Avg. Property Price in Essex - 2014: £251,525
Increase Compared to Last Year +7%
Avg. Rent in Essex - 2015: £1,065 PCM
Average Monthly Properties for sale in Essex - 2015: 57,548
Population of Essex - 2015: c. 180,000
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Shared Ownership Solicitors Essex

Our team of proactive, experienced and friendly conveyancing solicitors and surveyors are experts in the field of shared ownership. You have all the knowledge you can possibly need to sell or buy a shared ownership property in just one firm and we pull out all the stops to make sure your conveyancing process is a smooth one. Although Shared Ownership can be a highly complex area of conveyancing, we will always help you surmount any challenges which arise. Whether you are 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 team of solicitors and surveyors can aid you.

The quote for the work your shared ownership solicitor will do for you is always transparent and fixed fee. The fee won't change as the process continues.unlike so many of our competitors. We 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 do our utmost to make sure you're content. If you have any questions or issues during the shared ownership process, we encourage you to 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 efficiently and quickly as possible. 

If you'd like to find out more about our Shared Ownership Solicitors in Essex, call us on 0333 344 3234 or email us at help@shareamortgage.com.

What is Shared Ownership?

Shared ownership schemes enable those who can't buy a leasehold or freehold outright to buy a home by having a housing association own a part share alongside them. They buy a share of a property, anywhere from 25% to 75% of the full value, and the housing association owns the rest. They pay monthly rent to the association for the share they don't own . 

You need a deposit and a shared ownership mortgage and a deposit to become a shared owner. For example, for purchasing a 25% share (£40,000) of a flat worth £160,000, you'd need to get a mortgage for £36,000 if you had to put up a 10% deposit for the share (£4.000).

Shared ownership solicitors carry out the required legal work and communicate with the housing association and your mortgage lender. Things generally takes longer than for normal conveyancing purchases. 

Once you've become a shared owner, you can buy more shares in your property from the housing association. often subject to a period of time elapsing.

When you choose to sell, if you own 100% of the property, you can put it on the market by yourself. Normally, your housing association has first refusal on whether they wish to buy the property back and it holds this right for 21 years. If you own a share of your home, the association exercises the right to find a buyer. You have 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. NB This valuation only lasts 3 months: your shared ownership conveyancing must therefore be completed in this time otherwise you'll have to check if the association is still happy to go ahead. It might insist that you revalue the property and at your expense. 

Fixed Fee Shared Ownership Solicitors in Essex

Additional work is involved in the shared ownership process which is why shared ownership solicitors charge more for their services than those who only provide more simple conveyancing. All too often, seemingly cheap shared ownership solicitors don't always give or at least estimate a final fee and simply supply a low estimate that is by no means fixed.

Share a Mortgage's shared ownership solicitors always provide a fixed conveyancing fee which includes all of the legal fees in one quote including the bank transfers, mortgage, leasehold, shared ownership work and admin fees.
Fixed Fee Shared Ownership Solicitors Essex

You should always make sure you find out what is the maximum you will be charged when comparing quotes between companies who don't fix their quotes when offering shared ownership solicitors quotes. People often find, after receiving a cheap conveyancing quote that isn't fixed, that they end up paying £100s more than they thought they would at the outset.

The fixed fee quote you receive for our conveyancing solicitors includes all of the 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? If you are comparing quotes and want to make sure you are comparing like for like, call us on 0333 344 3234 and let us help you. We love making sure you get a fixed quote at the most competitive rate possible!


No Sale No Fee Shared Ownership Solicitors in Essex

Your shared ownership conveyancing could fall through right up until the point when you collect your keys from the housing association and move in.No Sale No Fee Shared Ownership Solicitors Essex

 

Should your intended house move fall through, you don't need to worry with us. All our quotes are backed by our no sale no fee guarantee - you don't have to pay for your full solicitor’s fee if the conveyancing falls through. We only seek full payment when you've taken up ownership of your new property. 

 

Call us on 0333 344 3234 to find out more about our no sale no fee conveyancing solicitors.

Fast Shared Ownership Solicitors Essex – Our top tip

The secret to fast shared ownership conveyancing in Essex lies with you and starts off by choosing the right solicitor at the outset. Too often people choose their solicitor based on a cheap shared ownership conveyancing quote rather than on the service the solicitors provide. After years of helping people move home we know one thing, the fastest conveyancing solicitors are the solicitors who embrace high levels of communication and work with you, not against you.

Our top tip for fast conveyancing is to choose a conveyancing solicitor who regularly calls you, is proactive in sending emails and who isn't overloaded with clients. Too many clients can lead to a solicitor getting a bottle neck where they end up helping the person who screams loudest. Sadly the solicitors struggle to balance of work / clients they receive so often don't know how to say no to new business. Make sure you ask when you instruct your solicitor if they expect to be able to complete in a reasonable time frame and how many clients they are currently work for. If they have any more than 60 clients then be prepared to start screaming to be heard above the rest.

Choose a conveyancing solicitor with a lower file load for the fastest shared ownership conveyancing completion.

Staircasing your shared ownership

When you've become a shared owner, you can then consider buying more shares in your property: this process is known as 'staircasing'.
Staircasing Shared Ownership Solicitors Essex
The cost of staircasing depends on what your home is worth and when you want to buy. Rising prices in your area will mean that additional shares will cost more than the original one you bought and vice versa if property prices in your area have dropped

You pay your housing association for a valuation they carry out and when you know the result, you will find out what buying an additional share will cost.

Stamp duty is a factor when staircasing as an additional share might make you liable for it or liable to pay more of it. Should you need to know what your position is when staircasing and if you'll have to pay stamp duty, please call us: it's worth bearing in mind that stamp duty can cost you £1000s.

Who can do Shared Ownership in Essex?

Not everyone is eligible for shared ownership and Essex will have its own area-specific criteria.

Normally you're eligible to become a shared owner 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. Essex has a number of housing associations including Estuary, Bethany House, Housing 21, Betra Tmo, CHP, Sanctuary, Genesis, Hanover, East Thames, Rochford, Cotman and Swan among others.

Property Statistics & Council Tax Bands in Essex

Council tax band
for Chelmsford, Essex
Market value
from
Market value
to
Council tax
2015-6 Chelmsford, Essex
A £0 £40,000 £993.72
B £40,001 £52,000 £1,159.34
C £52,001 £68,000 £1,324,96
D £68,001 £88,000 £1,490.58
E £88,001 £120,000 £1,821.82
F £120,001 £160,000 £2,153,06
G £160,001 £320,000 £2,484.30
H £320,001 Over £2,981.16
Shared Ownership Solicitors Essex Reviews
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