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Shared Ownership Solicitors Clacton on Sea

10/11/2015
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. Click to read our No Sale No Fee Policy




Local ExpertiseEssex Professionals
Our solicitors use their local knowledge of Clacton on Sea 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 Tendering 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 Clacton on Sea 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 Clacton on Sea. Normally, you can purchase a property via shared ownership if:


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


Bullet You 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.

Bullet You 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 Clacton on Sea, 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 describes when you buy a percentage share of a property from a housing association and pay rent on the rest of the share, which the housing association retains. You must normally buy a minimum 25% share

Assuming you are eligible to be a shared owner - this is discussed belowif you want to purchase a shared ownership home in Clacton on Sea, Frinton on Sea, Weeley or anywhere in Essex, your first job is to gather enough money for a deposit on the percentage you want to buy then you must get a shared ownership mortgage to fund the rest of the percentage from a lender. Housing associations run shared ownership schemes for those unable to access buying a property via the open market. 

You have the option - normally after 1 year of ownership has elapsed - to buy a larger percentage of your home from the housing association (and pay less rent on the smaller remaining percentage which the housing association still owns). This is called staircasing. Find out more information about this by reading  Staircasing Shared Ownership .

Shared ownership conveyancing is more involved than basic residential conveyancing - it involves more parties, more complex contracts and there are procedures and deadlines which must be strictly adhered to - you can read more about why  Shared Ownership conveyancing is more complicated here. Therefore we strongly recommend that you hire an experienced shared ownership conveyancing solicitor - it could end up saving you many £100s.

For a great value quote for our experienced shared ownership conveyancing solicitors: call 0333 344 3234 .

You can find out about shared ownership in Clacton on Sea by contacting Tendering District Council by letter to Town Hall, Station Rd, Clacton-on-Sea, Essex CO15 1SE or by phoning 01255 686868.


Question-Mark.png How do you Apply for Shared Ownership in Clacton on Sea?
We work with all the Housing Associations throughout Essex 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 Clacton on Sea.

The fixed fee conveyancing quote we present you with will always take into account your specific circumstances. All work you will need to have done to complete your shared ownership conveyancing is included in its price. When providing conveyancing services in Clacton on Sea and its surrounding area, our solicitors always ensure that our quotes are fixed and competitive

Want a fixed fee conveyancing quote suited to your needs? Call 0333 344 3234.

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