Shared Ownership Solicitors Croydon

Shared Ownership Solicitors - Call 0207 112 5388

Conveyancing Solicitors

Croydon Property Details

Avg. Property Price in Croydon - 2015: £284,713
Avg. Property Price in Croydon - 2014: £247,577
Increase Compared to Last Year +15%
Avg. Rent in Croydon - 2015 £1,045 PCM
Avg. Properties for sale in Croydon - 2015: 1,986
Population of Croydon - 2015: c. 342,000
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Shared Ownership Solicitors Croydon

Shared Ownership Solicitors Croydon
Our dedicated team of proactive, experienced and friendly conveyancing solicitors and surveyors are experts in shared ownership in Croydon. 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 the case for 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.

  • No Move, No Fee Promise
  • Guaranteed Fixed Fee - all wrapped up in one low price
  • Working directly with an experienced solicitor
  • Same day responses to questions throughout your move
  • On all mortgage lender panels Inc HSBC, Santander, Halifax

What is Shared Ownership?

Shared ownership schemes allow lower income earners with smaller deposits to buy a home by sharing the ownership with a housing association. You buy a share of your home, anywhere from 25% to 75% of the full value, and the housing association owns the rest. You pay a monthly rent to the housing association for the amount that they own.Shared Ownership Solicitors Croydon

You can fund your share by a deposit and a shared ownership mortgage. So if you are buying a 25% share of a property worth £200,000 (£50,000) with a £5,000 deposit, then you’d need to get a mortgage for the £45,000.

Shared Ownership Solicitors handle the legal work for you; liaising with your mortgage lender and the housing association. The process can take longer than normal conveyancing purchases.

Once you complete your shared ownership purchase you can buy additional shares in your property from the housing association after you have owned the property for a period of time.

Selling a Shared Ownership Property

When you come to sell if you own 100% of your home you can sell it yourself. When you put it up for sale, 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 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.

Which Housing Associations do we work with?

We work with all of the Housing Associations in Croydon including Amicus, Housing 21, Anchor, Croydon Churches, Peabody Turst, Pathways, Eldon, Shaftesbury Society and Phoenix Residents Association. Call 0207 112 5388 to speak to one of our Shared Ownership Specialists.

Fixed Fee Shared Ownership Solicitors Croydon

Fixed Fee Croydon Conveyancing Solicitors
Given the number of fantastically low-priced quotes one can find for shared ownership conveyancing, especially online, it is understandable that some are tempted to take up the services of the firms which provide them.

The initial quote most often turns out to be just that  - just the beginning of a vast number of items which will make up a final bill. Firms write these 'extras' into their conditions of sale and you generally find that many standard disbursements, which are very much part of a normal conveyancing, are counted as additional. The difference in amount between initial quote and final bill can be quite shocking.

Share a Mortgage only ever offers fixed fee quotes to all our customers. You are completely knowing about what your conveyancing in Croydon is going to cost from the start and you are secure in the knowledge that that figure will not change, even if your conveyancing involves some extra work.

No Sale No Fee Shared Ownership Solicitors Croydon

No Sale No Fee CHANGEME Conveyancing Solicitors In a world where gazumping and gazundering still persist, sometimes a house move will fall through and frustratingly so. If this happens to you with your house move in Croydon, you may not least feel annoyed because you have paid out money for conveyancing services and have to contemplate paying out more...

Not with us. We continue working for you and with you to complete your house move. We do not impose any additional charge for this service.

This is Share a Mortgage's No Sale No Fee conveyancing guarantee and is our commitment to you that we are only happy when you have successfully achieved your move.

For more information on our No Sale No Fee conveyancing guarantee, please call us on 0207 112 5388.

Fast Shared Ownership Solicitors Croydon- Our top tip

Order your property searches on instruction for faster shared ownership conveyancing.

Searches, especially from the local authority, can take some time to come back. This can mean that you are all ready for exchange but do not want to proceed because you have not had your search results back. Being organised and booking searches early can mean you get this essential information as early as possible and can make a good, informed decision about whether or not to continue with the purchase.

Staircasing Shared Ownership in Croydon

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 Croydon
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 Croydon 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.

Shared Ownership Eligibility in Croydon

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

In general you are eligible to become a shared owner in Croydon 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. Croydon has a number of housing associations including Amicus, Housing 21, Anchor, Croydon Churches, Peabody Turst, Pathways, Eldon, Shaftesbury Society and Phoenix Residents Association among others.

Property Statistics & Council Tax Bands in Croydon

Council tax band
for Croydon
Market value
Market value
Council tax
2015-6 Croydon
A £0 £40,000 £977.60
B £40,001 £52,000 £1,140.52
C £52,001 £68,000 £1,303.46
D £68,001 £88,000 £1,466.39
E £88,001 £120,000 £1,792.26
F £120,001 £160,000 £2,118.12
G £160,001 £320,000 £2,443.99
H £320,001 Over £2,932.78
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