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Shared Ownership Solicitors Hackney

05/12/2019
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 Hackney 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 London Borough of Hackney 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 Hackney 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 Hackney. 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 Hackney, 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 describes when you buy a percentage share of a property from a housing association and pay rent on the rest of the share, which the housing association retains. You must normally buy aminimum 25% share. 

Assuming you are eligible to be a shared owner - this is discussed below - if you want to purchase a shared ownership home in Hackney, Dalston, Clapton or anywhere in Greater London, your first job is to gather enough money for a deposit on the percentage you want to buy then you must get a shared ownership mortgage to fund the rest of the percentage from a lender. Housing associations run shared ownership schemes for those unable to access buying a property via the open market. 

You have the option - normally after 1 year of ownership has elapsed - to buy a larger percentage of your home from the housing association (and pay less rent on the smaller remaining percentage which the housing association still owns). This is called staircasing.

Shared ownership conveyancing is more involved than basic residential conveyancing - it involves more parties, more complex contracts and there are procedures and deadlines which must be strictly adhered to. Therefore we strongly recommend that you hire an experienced shared ownership conveyancing solicitor - it could end up saving you many £100s.

For a great value quote for our experienced shared ownership conveyancing solicitors: call 0207 112 5388 .

You can find out about shared ownership in Hackney by contacting London Borough of Hackney Council by letter to Hackney Service Centre 1 Hillman Street London E8 1DY or by phoning 020 8356 3000.


Question-Mark.png How do you Apply for Shared Ownership in Hackney?
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 Hackney.

We carefully adjust our conveyancing quotes to match up with your specific transaction, covering all of the work you will require to complete your home move within our fixed fee. Our shared ownership solicitors help home movers throughout Hackney and the surrounding areas and they make sure that our quotes are fixed and competitive.

Get your all-inclusive fixed fee conveyancing quote: call 0207 112 5388.