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Shared Ownership Solicitors Fareham

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 Fareham 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 Fareham Borough 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 Fareham 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 Fareham. 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 Fareham, 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 purchase a share of a property, normally 25% minimum, from a housing association and you pay rent to the housing association on the remaining share. The purpose of shared ownership schemes is to offer home ownership to those who don't have enough cash to buy homes on the open market.

There are strict criteria to meet if you want to become a shared owner - this is discussed below. If you do qualify and want to buy a shared ownership home in Fareham, Gosport, Lee-on-the-Solent or anywhere in Hampshire, you must do 2 things:

1. Save up a sufficient deposit for the percentage you want to buy (normally 10%).
2. Apply to a mortgage lender to get a shared ownership mortgage so you can buy the rest of the percentage share. 


After a waiting period of 1 year of ownership, you can normally buy a larger share in your property from the housing association. This is called staircasing. To find out more, read Staircasing Shared Ownership.

Shared ownership involves more complex contracts than those found in more standard, open market residential conveyancing and there are also more parties involved. You can find out more about this here

You are therefore strongly advised to seek the services of an experienced shared ownership conveyancing solicitor. There are, for example, set procedures and deadlines which must be met and if they are breached, you might find yourself paying much more than you planned for

You can find out about shared ownership in Fareham by contacting Fareham Borough Council by letter to Civic Offices, Civic Way, Fareham, Hampshire. PO16 7AZ or by phoning 01329 236 100.

Question-Mark.pngHow do you Apply for Shared Ownership in Fareham?
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 Fareham.

Our experienced shared ownership conveyancing solicitors are experts on shared ownership conveyancing in the Fareham 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 Fareham locale: call 0333 344 3234.

Shared Ownership Solicitors Quote
 

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