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Shared Ownership Solicitors Shepherd's Bush

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 Shepherd's Bush 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 Hammersmith & Fulham 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 Shepherd's Bush 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 Shepherd's Bush. 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 Shepherd's Bush, 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 part buying and part renting a property from a housing association. You have to buy at least 25% of the total value of the property and you have to pay rent on the remaining share to the association.  Shared ownership opens up the housing market to those who don't have sufficient resources to buy a home on the open market. 

Should you pass the eligibility criteria and want to buy a shared ownership home in Shepherd's Bush, Holland Park, Hammersmith or anywhere in Greater London, you have to
secure a deposit for your proposed share and then find a lender to give you a shared ownership mortgage to buy the remaining part. 

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 Shepherd's Bush by contacting Hammersmith & Fulham Council by letter to Town Hall, King St, London W6 9JU or by phoning 0208 748 3020.

Question-Mark.pngHow do you Apply for Shared Ownership in Shepherd's Bush?
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 Shepherd's Bush.

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 Shepherd's Bush 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 0207 112 5388.

Shared Ownership Solicitors Quote

 

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