Shared Ownership Solicitors Milton Keynes

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Conveyancing Solicitors

Milton Keynes Property Details

Avg. Property Price in Milton Keynes - 2015: £230,289
Avg. Property Price in Milton Keynes - 2014: £211,274
Increase Compared to Last Year +9%
Avg. Rent in Milton Keynes - 2015 £1,144 PCM
Total Properties for sale in Milton Keynes - 2015: 1,363
Population of Milton Keynes - 2015: c. 235,000
No postcode / grid reference available
MK9 3QA
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0333 344 3234

Shared Ownership Solicitors Milton Keynes

Great value shared ownership specialists providing conveyancing support to anyone looking to buy or sell a shared ownership property in Milton Keynes. 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.

Shared Ownership is a complex process with a need to work with Housing Associations, mortgage lenders and Freeholders and juggling all of these can be a challenge. Our team of shared ownership specialists will help you navigate through the minefield and keep you informed throughout the whole process. 

Our policy is always to provide a 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. 

  • No Move, No Fee Promise
  • Guaranteed Fixed Fee - all wrapped up in one low price
  • Working directly with an experienced solicitor
  • Shared Ownership Specialists in London
  • On all mortgage lender panels Inc HSBC, Santander, Halifax


What is Shared Ownership?

Shared ownership schemes allow people who have insufficient resources to buy a leasehold or freehold property outright (whether with a mortgage lender's help or not) to purchase a home by sharing the ownership with a housing Shared-Ownership---Buy--Rent-g0f6F0.pngassociation. You buy a share of a property, anywhere from 25% to 75% of the current market value, and the housing association owns the rest. Each month you pay rent to the housing association for the share they own as well as your mortgage repayments (if you get a mortgage).

Shared ownership makes buying a home more affordable as it reduces the amount of upfront deposit you need. For example on a £200,000 property a 10% deposit of £20,000 may not be achievable, however under shared ownership, if you purchased a 25% share your deposit would reduce to £5,000 (10% of £50,000) with a mortgage of £45,000 for the balance. The other £150,000 is owned by the housing association and this will be what you pay rent on. 

You'll need help from Shared ownership solicitors to purchase the property and they'll handle all the legal work for you and communicate with the housing association and your mortgage lender. The process generally takes longer than for normal conveyancing purchase because the delays sometimes encountered with Housing Associations & Freeholders.

Once you have purchased your shared ownership property you can buy more shares in your property from the housing association. often subject to a period of time elapsing. This is called Staircasing and we go into more detail about this below.

Selling a Shared Ownership Property

When you come to sell the housing association has the right to buy the property back first. This is known as ‘first refusal’ and the housing association has this right for 21 years after you fully own the home. If you own a share of your home, the housing association has the right to find a buyer for it. You’ll have to pay for the property to be valued to get the current market rate that’ll be used if the housing association buys back your share. Be careful the property valuation only lasts for 3 months and if you don't complete your shared ownership conveyancing in this time you'll have to confirm if the housing association is happy to proceed; if not they will ask you to pay to get the property revalued at your cost. We can help you get a RICS market valuation for your shared ownership property in Milton Keynes so call us on 0333 344 3234.

Which Housing Associations do we work with?

We work with all of the Housing Associations in Milton Keynes including Hanover Housing Association, Aragon Housing, Habinteg Housing Association, Affinity Sutton Group, Glifford Park Housing Co-Operative, A2 Dominion, Catalyst Housing Group, Family Mosaic, Genesis Housing Group, The Guiness Trust and many more. Call 0333 344 3234 to speak to one of our Shared Ownership Specialists.

Fixed Fee Shared Ownership Solicitors in Milton Keynes

Shared Ownership Solicitors charges reflect the additional work involved in the shared ownership process. All too often, 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.

Our 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 and admin fees.
Fixed Fee Shared Ownership Solicitors Milton Keynes

You should always make sure you get an upper limit of what 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.

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. 



No Sale No Fee Shared Ownership Solicitors in Milton Keynes

Until you collect your keys from the housing association and move in, the process is not complete and the matter could fall through, particularly in the Milton Keynes market.No Sale No Fee Shared Ownership Solicitors Milton Keynes

 

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.

 

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

Fast Shared Ownership Solicitors Milton Keynes – Our top tip

Shared ownership conveyancing can be drawn out and clients want fast shared ownership solicitors in Milton Keynes to get their transaction through quickly. Often, the Housing Association may delay matters themselves but if you choose a shared ownership solicitor who has too many caseloads, this delay will be larger.

Given that a property valuation is time-limited to 3 months you must choose shared ownership solicitors knowing that they have the capability to complete all the legal work within that time. Pushing and calling the housing association to make sure you give them and get from them everything you need gives you the strongest chance that your shared ownership conveyancing will be fast. This is a specialised skill and what our shared ownership solicitors are expert at!

Staircasing your shared ownership

Once you've become the owner of your home, you can then buy more shares in it and the process is known as 'staircasing'.
Staircasing Shared Ownership Solicitors Milton Keynes
How much your home is worth and when you want to buy the share will determine how much you have to pay towards staircasing. An additional share will cost more than the first share you bought if your property price has gone up. Similarly, if property prices have dropped, you'll pay less than before.

You have to pay the housing association for their valuation; once this has come through, you will find out the cost of buying your new share.

Stamp duty must be considered when staircasing as you may be liable - if 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 Milton Keynes?

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

You can generally purchase a home through shared ownership 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. Milton Keynes has a number of housing associations including Aragon, Habinteg, Orbit, Housing 21, Hastoe, Home, William Sutton, Guinness South, Hanover, Haven Housing Development, Shenley Wood Village, Affinity Sutton and Places for People, among others.

Property Statistics & Council Tax Bands in Milton Keynes

Council tax band
for Central Milton Keynes
Market value
from
Market value
to
Council tax 2015-6
  Central Milton Keynes
A £0 £40,000 £935.64
B £40,001 £52,000 £1,091.57
C £52,001 £68,000 £1,247.52
D £68,001 £88,000 £1,403.45
E £88,001 £120,000 £1,715.33
F £120,001 £160,000 £2,027.21
G £160,001 £320,000 £2,339.09
H £320,001 Over £2,806.90
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