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Shared Ownership Solicitors Dunstable

27/11/2015
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 ExpertiseBedfordshire Professionals
Our solicitors use their local knowledge of Dunstable 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 Central Bedfordshire 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 Dunstable 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 Dunstable. 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 Dunstable, 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 the Shared Ownership?
With shared ownership, you part own and part rent a property (the minimum you can own is normally 25%) from a housing association. 

Should you satisfy the conditions for shared ownership and are looking to get a shared ownership home in Dunstable, Luton, Bedfordshire or anywhere in Central Bedfordshire Council, your first goal is to save sufficient money for a deposit on the percentage share you want to buy, then secure a shared ownership mortgage from a mortgage lender so you can buy the rest of the share. Housing associations run shared ownership schemes which are targeted at those with insufficient funds to buy homes on the open market. 

After you've lived in your shared ownership property for at least a year, the option is normally open to you to buy larger shares in your home - this is known as staircasing.

Shared ownership conveyancing has more potential pitfalls in it than more standard conveyancing. There are more parties involved in transactions and there are fixed procedures and deadlines which must be met. This is why it is so important to get an experienced shared ownership conveyancing solicitor to assist you - not to do so may well prove to be a false economy. 

You can find out about shared ownership in Dunstable by contacting Central Bedfordshire Council by letter to Priory House Monks Walk Chicksands Shefford Bedfordshire SG17 5TQ or by phoning 0300 300 8301.

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

 

Our Conveyancing Solicitors are experts on Shared Ownership in Dunstable.

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 Dunstable 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 0333 344 3234.