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Shared Ownership Solicitors Wembley

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 Wembley 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 Brent 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 Wembley 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 Wembley. 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 Wembley, 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?
Under shared ownership, you buy a share of a property from a housing association, this is normally 25% minimum, and you pay rent to the housing association on the remaining share. 

You have to meet eligibility criteria to be a shared owner - this is discussed below. If you do qualify and want to buy a shared ownership home in Wembley, Perivale, Alperton or anywhere in Greater London, you must do 2 things:

1. Save enough for a deposit on the percentage you want to buy.
2. Get a shared ownership mortgage from a lender to cover the rest of the percentage. 

Shared ownership schemes exist to offer home ownership to those whose resources aren't enough to buy homes on the open market.

You increase the percentage share you own by buying more of the property from the housing association – this process is called staircasing. You do not have to buy more shares in the property but if you want to, there is normally a waiting period of 1 year before you can do so. If you want to know more about this aspect of shared ownership, read Staircasing Shared Ownership.

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

It's therefore extremely advisable 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 Wembley by contacting Brent Council by letter to Brent Civic Centre, Engineers Way, Wembley HA9 0FJ or by phoning 0208 937 1234.

Question-Mark.pngHow do you Apply for Shared Ownership in Wembley?
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 Wembley.

Our fixed fee conveyancing quotes always include all work needed to be done by your appointed solicitor to finish your shared ownership conveyancing. Our highly experienced solicitors providing conveyancing services in and around Wembley always make sure that quotes we provide to our clients are fixed and competitive

To get your tailored fixed fee conveyancing quote, call 0207 112 5388.

Shared Ownership Solicitors Quote

 

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