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Shared Ownership Solicitors Hertford

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 ExpertiseHertfordshire Professionals
Our solicitors use their local knowledge of Hertford 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 East Herts 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 Hertford 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 Hertford. 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 Hertford, 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 about part owning and part renting a property with a housing association as both the seller and the landlord. You normally have to buy a minimum 25% share. Shared ownership schemes are designed to help people buy homes who would not have sufficient resources to do so on the open market. 

If you're eligible to be a shared owner (see below) and wish to buy a shared ownership home in Hertford, Hertford Heath, Bayfordbury or anywhere in East Herts Council, you should firstly save sufficient money for a deposit on the percentage share you want to buy, then get a shared ownership mortgage from a mortgage lender so you can buy the rest of the share

When you've lived in your home for at least a year, you can normally apply to buy an increasing percentage share in it with the advantage also that you'll pay less rent because the part that you don't own has decreased. This is known as staircasing. To find out more, read Staircasing Shared Ownership.

Shared ownership conveyancing involves more complex contracts than standard open market conveyancing and there are more parties involved - this is discussed in more depth here. This is why it is so important to instruct an experienced shared ownership conveyancing solicitor to help you - inexperienced solicitors are often less than aware of the procedures involved and the strict deadlines; this can end up causing delays and costing you more money.

You can find out about shared ownership in Hertford by contacting East Herts Council by letter to 121 High St, Watton at Stone, Hertford SG14 3SB or by phoning 01279 655 261. 

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

We carefully adjust our conveyancing quotes to match up with your specific transaction, covering all of the work you will require to complete your home move within our fixed fee. Our shared ownership solicitors help home movers throughout Hertford and the surrounding areas and they make sure that our quotes are fixed and competitive.

Get your all-inclusive fixed fee conveyancing quote: call 0333 344 3234.

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