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Shared Ownership Solicitors St John's Wood

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 St John's Wood 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 City of Westminster. 


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 St John's Wood 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 St John's Wood. 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 St John's Wood, 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 involves you part buying (normal minimum 25%) and part renting a property from a housing association.

If you are eligible to be a shared owner - discussed below - and want to buy a shared ownership home in St John's Wood, South Hampstead, Primrose Hill 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 are designed to offer home ownership to those who don't have enough money to buy their own property on the open market. 

When you've lived in your property for at least a year, depending on your housing association's terms it is normally open to you to buy a bigger share in your house - and pay less rent on the smaller part which you don't own - in a process called staircasing. Please read Staircasing Shared Ownership for more details.

Because of the nature of the more complex contracts involved and because negotiations have to include managing agents and a housing association, shared ownership conveyancing involves more work than that which accompanies simple open market conveyancing - read more about this here

You are therefore well advised to seek the services of an experienced shared ownership conveyancing solicitor. There are, for example, set procedures and deadlines which must be met and if they are breached, you might find yourself paying much more than you planned for. 

You can find out about shared ownership in St John's Wood by contacting City of Westminster by letter to Westminster City Hall, 64 Victoria St, London SW1E 6QP or by phoning 0207 641 6000.

Question-Mark.pngHow do you Apply for Shared Ownership in St John's Wood?
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

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Our Conveyancing Solicitors are experts on Shared Ownership in St John's Wood.

We give you a fixed fee conveyancing quote which includes all the work you'll need to complete your shared ownership conveyancing in one great value price. Our solicitors who provide conveyancing services in St John's Wood and the areas surrounding it always make sure that the quotes we give people are fixed and competitive

To get a fixed fee conveyancing quote suited to your needs, call 0207 112 5388.

Shared Ownership Solicitors Quote

 

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