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Shared Ownership Solicitors Higham Hill

Published on:

10/11/2015

Under shared ownership, you purchase a share of a property, normally 25% minimum, from a housing association and you pay rent to the housing association on the remaining share. The purpose of shared ownership schemes is to offer home ownership to those who don't have enough cash to buy homes on the open market.

There are strict criteria to meet if you want to become a shared owner - this is discussed below. If you do qualify and want to buy a shared ownership home in Higham Hill, Walthamstow, Leyton or anywhere in Greater London, you must do 2 things:

1. Save up a sufficient deposit for the percentage you want to buy.
2. Apply to a mortgage lender to get a shared ownership mortgage so you can buy the rest of the percentage share.

After a waiting period of 1 year of ownership, you can normally buy a larger share in your property from the housing association. This is called staircasing. To find out more, read Staircasing Shared Ownership.

Shared ownership involves more complex contracts than those found in more standard, open market residential conveyancing and there are also more parties involved. You can find out more about this here.

You are therefore strongly advised 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.

Call 0207 112 5388 for an unbeatable fixed fee quote for experienced shared ownership solicitors.

You can find out about shared ownership in Higham Hill by contacting London Borough of Waltham Forest Council by letter to Waltham Forest Town Hall, 701 Forest Rd, Walthamstow, Greater London E17 4JF or by phoning 0208 496 3000.

Shared Ownership Example

If you were to buy a 25% initial share of a £200,000 property in Higham Hill, 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.

We have recently helped clients move home in in Higham Hill & Greater London:

• Flat 25, Vellum Court, Hillyfield, Walthamstow, London, E17 6EQ

• 15 Hervey Park Road, Walthamstow, E17 6LJ

• 242a Lea Bridge Road, Walthamstow, London E17 9UB

• 65b Greenleaf Road, Walthamstow, London, E17 6QN

• 31 Richmond Close, Walthamstow, London, E17 8PS

With close connections to some of the UK's leading housing associations, including L&Q, Family & Mosaic, East Thames Homes and A2 Dominion, our shared ownership solicitors will have the experience you need.

You can see the details for all housing associations in London here - List of Housing Associations for Shared Ownership in and around London

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 Higham Hill.

Normally, you can purchase a property via shared ownership if:

1. Your household earns £60,000 a year or less (for London this becomes £66,000 or less for a 1 or 2 bedroom property or £80,000 or less for a 3 or more bedroom property).

2. You are a first time buyer OR you used to own a home but cannot afford one now.

3. You rent a housing association or council property.

The majority of properties available under the shared ownership schemes in Higham Hill are leasehold, however there are some newer freehold properties available now or there are plans in place to build them.

About Buying a home in Higham Hill

Higham Hill is in the Walthamstow area of North East London and is 7.5 miles to the north of the capital's centre. It forms part of Walthamstow Borough. There are excellent markets in the locale, a variety of housing stock and some great open spaces.

Higham Hill is well-served for transport links. There are five overland stations in the area: Walthamstow Central, Blackhorse Road, Walthamstow Queen's Road, Wood Street and St James Street. The first two in this list are also underground stations on the Victoria Line. Central London is therefore easily accessed. There are numerous buses for more local journeys.

London is the capital city of England with a population exceeding 8.3 million. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its founding by the Romans, who named it Londinium. London's ancient core, the City of London, largely retains its 1.12-square-mile medieval boundaries and in 2011 had a resident population of 7,375, making it the smallest city in England. Since at least the 19th century, the term London has also referred to the metropolis developed around it. The majority of this conurbation forms Greater London, a region of England governed by the Mayor of London and the London Assembly.

Close links to the local council

Over the years we have gained invaluable knowledge about moving home in Higham Hill and throughout Greater London. We use this and our local connections with London Borough of Waltham Forest Council to help you make the right decision as to whether you should proceed with your move, or not.

You can find out about detailed information about your property in Higham Hill by contacting London Borough of Waltham Forest Council by letter to Waltham Forest Town Hall, 701 Forest Rd, Walthamstow, Greater London E17 4JF or by phoning 0208 496 3000.

Shared Ownership Solicitors in and around Higham Hill

Our conveyancing solicitors can help you with your conveyancing in Higham Hill and in the surrounding area including:

Shared Ownership Solicitors in Walthamstow

Shared Ownership Solicitors in Leyton

Shared Ownership Solicitors in Woodford

Shared Ownership Solicitors in Chingford

Shared Ownership Solicitors in Snaresbrook

Shared Ownership Solicitors in Clapton

Shared Ownership Solicitors in Stoke Newington

Our Conveyancing Solicitors are experts on Shared Ownership in Higham Hill.

We ensure that your fixed fee conveyancing quote from us is specially tailored to your specific case. All aspects of the work required to complete your shared ownership conveyancing are included within it. Our solicitors provide conveyancing services to people moving home in Higham Hill and its surrounding area; they always ensure that the quotes we deliver to people are fixed and competitive.

For your specially tailored fixed fee conveyancing quote: call 0207 112 5388.