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Shared Ownership Solicitors Newbury

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 ExpertiseBerkshire Professionals
Our solicitors use their local knowledge of Newbury 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 West Berkshire 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 Newbury 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 0118 324 0432 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 Newbury. 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 Newbury, 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 form of home ownership where you part buy (normally 25% minimum) and part rent a home. You buy the property from a housing association and also pay the rent to it. Shared ownership schemes are run by housing associations with the goal of opening up home ownership to those who don't have enough money to buy properties on the open market. 

If you want to buy a shared ownership home in Newbury, Donnington, Thatcham or anywhere in Berkshire, assuming you are eligible (see below for more details) you have to save up for a deposit on the share you want to buy and then get a shared ownership mortgage from a lender to cover the rest of the cost of the percentage share.

Once you've owned the property for a year, you can normally buy an increasing share of it - this also means that you'll be paying less rent. This is called staircasing; more details are available in this article - 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 Newbury by contacting West Berkshire Council by letter to Council Offices, Market Street, Newbury, RG14 5LD or by phoning 01635 42400.

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

We create conveyancing quotes bespoke to your particular transaction and they include all the work needed to finish your shared ownership conveyancing within our fixed fee. Our experienced conveyancing solicitors are there to assist people moving home all over Newbury and its locale and ensure that we always give fixed and competitive quotes.  

To get a fixed fee quote tailored to your individual property, call 0118 324 0432.

Shared Ownership Solicitors Quote

 

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