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Shared Ownership Solicitors Banbury

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 have 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 schemes, run by housing associations, give you the option to buy part of a property and pay rent on the remaining share. You normally have to buy at least 25%

If you're eligible to be a shared owner (see below) and want to buy a shared ownership home in Banbury, Adderbury, Shennington or anywhere in Oxfordshire, you have to:

1. Save enough for a deposit on the percentage you want to buy.
2. Get a shared ownership mortgage from a lender to cover the rest of the percentage. 

Shared ownership schemes exist to offer home ownership to those whose resources aren't enough to buy homes on the open market. 

You can normally buy a larger percentage in your property after a year of residence; this is called staircasing. This matter is discussed further in this article - Staircasing Shared Ownership.

Shared ownership conveyancing is more complex than standard open market residential conveyancing: you have more complex contracts and involve dealings with managing agents and a housing association - read about this here

It is always best to hire an experienced shared ownership conveyancing solicitor to assist you - an inexperienced solicitor may, for example, miss one or more of the deadlines involved and this could end up costing you 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


Our Conveyancing Solicitors are experts on Shared Ownership in Banbury.

Our experienced shared ownership conveyancing solicitors are experts on shared ownership conveyancing in the Banbury area. They are well briefed in the complexities of the subject and know how best to keep the conveyancing process running as smoothly and efficiently as possible for our clients.

Get a fixed fee shared ownership solicitors quote for shared ownership properties in the Banbury locale: call 0333 344 3234.

Shared Ownership Solicitors Quote

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