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Shared Ownership Solicitors Gillingham

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 ExpertiseKent Professionals
Our solicitors use their local knowledge of Gillingham 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 Medway 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 Gillingham 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 Gillingham. 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 Gillingham, 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 gives you the option to own a home by buying a percentage share in it - this must normally be a minimum 25% - and then paying rent on the percentage which remains. You buy your home from a housing association. Shared ownership schemes are there to help people purchase homes who could not otherwise do so on 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 Gillingham, St Mary's Island, Chatham or anywhere in Kent, 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. 

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.

Standard residential conveyancing is a lot simpler than shared ownership conveyancing because the latter involves complex contracts and normally a larger number of parties (there's more about this here). Your solicitor also has to be aware of and experienced in the various procedures and fixed deadlines involved, otherwise you could end up being delayed and having to fork out more money. 

You can find out about shared ownership in Gillingham by contacting Medway Council by letter to Gun Wharf, Dock Rd, Chatham ME4 4TR or by phoning 01634 306 000.

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

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Our Conveyancing Solicitors are experts on Shared Ownership in Gillingham.

ALL you will require to have done by your shared ownership solicitor to complete your move is included as part of the price within our fixed fee quote. We always offer our Gillingham 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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