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Shared Ownership Solicitors Andover

12/05/2016
Low Cost Conveyancing
Competitive Conveyancing Fees
The shared ownership conveyancing process differs to a standard sale or purchase and you'll want to make sure that the costs don't go up. We only give Fixed Conveyancing Quotes which include all the work in just one low price.

No Sale No FeeNo Sale, No Fee Conveyancing
Our quotes include as standard our No Sale No Fee cover which means if for any reason your transaction should fall through, you won't incur the costs of the legal work to date. Read our No Sale No Fee Policy by clicking here.




Local ExpertiseHampshire Professionals
Our solicitors use their local knowledge of Andover to ensure your home move completes as smoothly as possible. We have worked with most of the leading local estate agents and have direct connections with Test Valley Borough Council.


Conveyancing Quality Scheme CQSConveyancing Quality Scheme & On All Mortgage Lender Panels
The Law Society has awarded our solicitors the CQS badge of excellence which means we are able to deliver conveyancing services in Andover to the high standards expected; which are regulated annually. We are also able to work with any mortgage lender in England & Wales including Metro Bank, HSBC, Santander & Halifax Plc.

Call 0333 344 3234 to get your quote (Local rate call charge) 

Who is eligible to buy shared ownership properties?

Criteria for eligibility for shared ownership do vary and this is also the case for shared ownership properties in and around Andover. Normally, you can purchase a property via shared ownership if:


BulletYour household earns £80,000 a year or less (for London this becomes £90,000).


BulletYou are a first time buyer or you used to own a home but cannot afford one now or you are an existing property owner and wish to upsize to a larger property, for example to meet the needs of a growing family.

BulletYou rent a housing association or council property.

NB Shared ownership eligibility criteria changes from time to time; to ensure that you are currently eligible please check the Government's latest published information about Buying through Shared Ownership


Shared Ownership Example

If you were to buy a 25% initial share of a £200,000 property in Andover, it means your share would be worth £50,000.

For this, if you had to save a 10% deposit, this would mean you having to save £5,000. You would have to get a shared ownership mortgage for the rest of the share, i.e. you would have to borrow £45,000 from a lender.

You could choose to pay stamp duty on the whole £200,000 value of the property but you would not need to, because your £50,000 share is less than the £125,000 threshold, above which you have to pay the tax.

You would have to pay £20 to the Land Registry for registration fees, because the value of your portion of the property is between £0 and £80,000, but if the property is a new build and is being registered for the first time, you would have to pay £40.
What is Shared Ownership?
Under shared ownership, you buy a share of a property from a housing association, this is normally 25% minimum, and you pay rent to the housing association on the remaining share. 

If you are eligible to be a shared owner and want to buy a shared ownership home in Andover, Thruxton, Kimpton or anywhere in Hampshire, you have to save enough for a deposit on the percentage you want to buy and get a shared ownership mortgage from a lender to fund the rest of the purchase

Shared ownership schemes work to make buying homes available to people who don't have enough resources to buy a home through the open market. 

Should you want to buy an increasing percentage of your home, which also means you'll pay less rent, you can normally look to do this after you've owned your home for 1 year. The process is called staircasing and the subject is discussed here - Staircasing Shared Ownership.

Shared ownership conveyancing involves more complex contracts than standard open market conveyancing and there are more parties involved - this is discussed in more depth here. This is why it is so important to instruct an experienced shared ownership conveyancing solicitor to help you - inexperienced solicitors are often less than aware of the procedures involved and the strict deadlines; this can end up causing delays and costing you more money.

You can find out about shared ownership in Andover by contacting Test Valley Borough Council by letter to Former Magistrates' Court, Church St, Romsey, Hampshire SO51 8AQ or by phoning 01794 527 700. 

Question-Mark.pngHow do you Apply for Shared Ownership in Andover?
We work with all the Housing Associations throughout Hampshire including L&Q, Family & Mosaic, East Thames Homes and  A2 Dominion. You can see the details for all housing associations in London here - List of Housing Associations for Shared Ownership in and around London

Find-a-Shared-Ownership-Solicitor.png
 

Our Conveyancing Solicitors are experts on Shared Ownership in Andover.

ALL you will require to have done by your shared ownership solicitor to conclude your home move is included as part of the price within our fixed fee quote. We always offer our Andover clients  fixed and competitive quotes and our solicitors make sure that we do this. 

Get your all-inclusive fixed fee conveyancing quote: call 0333 344 3234.

Shared Ownership Solicitors Quote

 

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