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Shared Ownership Solicitors Banbury

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.




Local ExpertiseOxfordshire Professionals
Our solicitors use their local knowledge of Banbury 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 Cherwell District Council .


Conveyancing Quality Scheme CQSConveyancing Quality Scheme & On All Mortgage Lender Panels
The Law Society has awarded our solicitors the CQS badge of excellence which means we are able to deliver conveyancing services in Banbury 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 Banbury. Normally, you can purchase a property via shared ownership if:


Bullet Your household earns £80,000 a year or less (for London this becomes £90,000).


Bullet You 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.

Bullet You 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 Banbury, 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 Banbury, Adderbury, Shennington or anywhere in Oxfordshire, 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 are run by housing associations and are aimed at those who do not currently own their own homes and don't have enough money to buy a home 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.

Shared ownership conveyancing is generally more complex than normaland can take up more time because the process involves both managing agents and housing associations. It is highly important to instruct an experienced shared ownership conveyancing solicitor because they will have prior knowledge of the necessary procedures and deadlines which must be adhered to.

Get a first rate quote for our experienced shared ownership conveyancing solicitors: call 0333 344 3234 .

You can find out about shared ownership in Banbury by contacting Cherwell District Council by letter to Bodicote House, White Post Rd, Bodicote, Banbury OX15 4AA or by phoning 01295 227 001.


Question-Mark.png How do you Apply for Shared Ownership in Banbury?
We work with all the Housing Associations throughout Oxfordshire including L&Q, Family & Mosaic, East Thames Homes and  A2 Dominion.

 

Our Conveyancing Solicitors are experts on Shared Ownership in Banbury.

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 Banbury 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 0333 344 3234.