100% Fixed Fee - Highly Recommended - First Time Buyer Friendly

Call Now

0207 112 5388 (Local call charge) M-F 9am-6pm Sat 11am to 1pm Get an Online Havering Shared Ownership Solicitors Quote Free - No Obligation - All Inclusive Quote

Shared Ownership Solicitors Havering

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 ExpertiseGreater London Professionals
Our solicitors use their local knowledge of Havering 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 London Borough of Havering.


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 Havering 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 0207 112 5388 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 Havering. 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 Havering, 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 buy a share of a property from a housing association, this is normally 25% minimum, and you pay rent to the housing association on the remaining share.

If you are eligible to be a shared owner - discussed below - and want to buy a shared ownership home in Havering, Dagenham, South Ockendon or anywhere in Greater London, you have to do two things:

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

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

After you've lived in your shared ownership property for at least a year, the option is normally open to you to buy larger shares in your home - this is known as staircasing. For more information about this, please read Staircasing Shared Ownership.

Shared ownership conveyancing has more complications than basic residential conveyancing - it involves more parties and more complex contracts - you can read more about this here). You should always look to hire an experienced shared ownership conveyancing solicitor to conduct your conveyancing because they will have knowledge of the procedures and deadlines involved. Inexperience can mean delays and having to fork out far more money than you bargained for. 

You can find out about shared ownership in Havering by contacting London Borough of Havering by letter to Town Hall Main Road Romford RM1 3BD or by phoning 01708 434 343.

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

ALL you will require to have done by your shared ownership conveyancing solicitor to conclude your conveyancing  is included as part of the price within our fixed fee quote. We always offer our Havering clients  fixed and competitive quotes and our solicitors make sure that we do this. 

Get your all-inclusive fixed fee conveyancing quote: call 0207 112 5388.

Shared Ownership Solicitors Quote

 

Related Articles

 

Havering Conveyancing Solicitors

 
01/01/1970

Havering HomeBuyers Survey

 
01/01/1970

Help to Buy Havering

We support you through the whole Help to Buy Process using hand selected mortgage brokers, solicitors and surveyors Help to Buy Mortgage Exclusive Help to Buy mortgage products...
12/05/2016