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Shared Ownership Solicitors Gloucester

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 ExpertiseGloucester Professionals
Our solicitors use their local knowledge of Gloucester 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 Gloucester City 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 Gloucester 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 Gloucester. 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 Gloucester, 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. 

If you are eligible to be a shared owner and want to buy a shared ownership home in Gloucester, Tuffley, Abbeymead or anywhere in Gloucester, you have to save enough for a deposit on the percentage you want to buy and get a shared ownership mortgage from a lender to fund the rest of the purchase

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

The importance of instruciting an experienced conveyancing solicitor cannot be understated because the process involves meeting strict deadlines and following set procedures. Getting it wrong can mean you paying a bill far larger than you thought. 

You can find out about shared ownership in Gloucester by contacting Gloucester City Council by letter to Herbert Warehouse, The Docks, Gloucester GL1 2EQ or by phoning 01452 396 396.

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

We make sure that our quotes for conveyancing are uniquely tailored to your specific needs. Our fixed fee includes all the items of work you need to finish your shared ownership conveyancing. Our solicitors offer conveyancing to people buying and selling property in Gloucester as well as its surrounding area and they always ensure that our quotes are fixed and competitive.

Get a specially tailored fixed fee conveyancing quote: call 0333 344 3234.

Shared Ownership Solicitors Quote

 

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