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Shared Ownership Solicitors Banbury

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 ExpertiseOxfordshire Professionals
Our solicitors use their local knowledge of Banbury 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 Cherwell District 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 Banbury 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 Banbury. 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 Banbury, 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?
Shared ownership is when you part own a property (normal minimum 25%) and pay rent on the remaining per cent to the housing association you bought your initial share from. 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. 

There are eligibility criteria to meet if you want to become a shared owner - please see these below. If you meet the criteria and want to become a shared owner in Banbury, Adderbury, Shennington or anywhere in Oxfordshire, you have to save a deposit for the percentage share you want to buy and you have to get a shared ownership mortgage from a lender to cover the rest of the share. 

When you've lived in your home for at least a year, you can normally apply to buy an increasing percentage share in it with the advantage also that you'll pay less rent because the part that you don't own has decreased. This is known as staircasing. To find out more, read Staircasing Shared Ownership.

Shared ownership conveyancing has more complications than basic residential conveyancing - it involves more parties and more complex contracts - you can read more about this here). 

You should always look to hire an experienced shared ownership conveyancing solicitor to conduct your conveyancing because they will have knowledge of the procedures and deadlines involved. Inexperience can mean delays and having to fork out far more money than you bargained for. 

You can find out about shared ownership in Banbury by contacting Cherwell District Council by letter to Bodicote House, White Post Rd, Bodicote, Banbury OX15 4AA or by phoning 01295 227 001.

Question-Mark.pngHow do you Apply for Shared Ownership in Banbury?
We work with all the Housing Associations throughout Oxfordshire 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 Banbury.

We offer you everything you will require to have done by your instructed solicitor to complete your shared ownership conveyancing within our fixed fee quote. Our clients in Banbury and its surrounds are always offered fixed and competitive quotes by us: our solicitors ensure that we do this. 

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 Banbury clients  fixed and competitive quotes and our solicitors make sure that we do this. 

For a fixed fee conveyancing quote which covers all YOUR needs, call 0333 344 3234.

Shared Ownership Solicitors Quote

 

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