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Shared Ownership Solicitors Ongar

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 ExpertiseEssex Professionals
Our solicitors use their local knowledge of Ongar 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 Epping Forest District 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 Ongar 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 Ongar. 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 Ongar, 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 Ongar, Marden Ash, Greensted Green or anywhere in Essex, 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 Ongar by contacting Epping Forest District Council by letter to Civic Offices, High Street, Epping, Essex CM16 4BZ or by phoning 01992 564 189.

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

We offer you everything you will require to have done by your instructed solicitor to complete your shared ownership conveyancing within our fixed fee quote. Our clients in Ongar and its surrounds are always offered fixed and competitive quotes by us: our solicitors ensure that we do this. 

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

For a fixed fee conveyancing quote which covers all YOUR needs, call 0333 344 3234.

Shared Ownership Solicitors Quote

 

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