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Shared Ownership Solicitors Goodmayes

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 ExpertiseGreater London Professionals
Our solicitors use their local knowledge of Goodmayes 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 Redbridge 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 Goodmayes 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 Goodmayes. 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 Goodmayes, 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 Goodmayes, Newbury Park, Seven Kings or anywhere in Greater London, you must do 2 things:

1. Save sufficient funds for a deposit on the percentage share you want to buy (normally 10% of value of share).
2. Secure a shared ownership mortgage from a mortgage lender to cover the remaining sum you will need.

Shared ownership schemes give access to the property market to those who don't have enough money to buy a home on the open market.

Normally after a year of living in your property, you can buy an increasing percentage of it, with a commensurate reduction in rent. This is called staircasing.

Shared ownership contracts can be quite complicated and the conveyancing includes dealing with managing agents and a housing association - this is examined here. The importance of instructing 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 Goodmayes by contacting Redbridge Council by letter to Town Hall, 128-142 High Rd, Ilford IG1 1DD or by phoning 0208 554 5000.

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

 

Our Conveyancing Solicitors are experts on Shared Ownership in Goodmayes.

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 Goodmayes 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.