Shared ownership may seem like an interesting decision from a financial perspective, at DV Solicitors, we are dedicated to handling all the legal aspects of buying or selling a property for you.
Our goal is to provide a convenient, professional service that helps you fulfill your purpose as smoothly as possible.
Shared ownership happens when buyers acquire a share of a property from a housing association (HA) or registered social landlord (RSL), mainly after obtaining a mortgage. Basically, it means a buyer shares the ownership with the HA or RSL.
To qualify, you must have a yearly household income of £80,000 (or £90,000 a year or less in London) and any of the following apply:
It can feel daunting to agree on a house sale with developers or development agents when your home is no more than timber or concrete. We would want no client to go through the process alone. We are here to walk you through the following:
You will find the best Letting Agents on DV Solicitors
Most mortgages have a limitation period of 6 months, New Build properties can sometimes take years to be properly finished. Keep your Solicitor up to date with where your mortgage offer stands.
A traditional survey of a house won’t suffice for a new-build property, to ensure that the house on paper is the house in reality: You need to book your Snagging Survey. Usually, the survey is booked between when the house is nearly finished and the Completion. If the Developers refuse a Snagging Survey, as your solicitors, we will enforce your legal right!
Developers will push to exchange right away due to the competitive nature of the market.
DV Solicitors has to check the deeds and papers they receive, report to HMRC and pay and Stamp Duty and register the purchase and the mortgage at the Land Registry. Once that has all been done the solicitor then has to tell the mortgage lender and the buyer and make sure the right papers and documents are sent to the right people.
When it comes to selling a shared ownership property, the process depends on whether you have 100% ownership or whether you wish to sell the share that you originally purchased. In either case, you are free to sell the property on – however, the terms of your lease will usually state that the Housing Association has the right to take back the lease or to nominate a buyer for the property. Even if you own 100% of your home, the Housing Association will usually retain its right to buy the property back or to nominate a buyer for 21 years after completion.
Our fees cover all of the work necessary to complete the purchase of your new property, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property you are interested to buy is in Wales. Please note all prices below are exclusive of VAT. The fees listed are our average fee ranges for a purchase transaction. The fee (including additional fees and disbursements) may vary depending on the source of the instruction, your solicitor’s experience and location, the property price and what work we are required to do. Legal Fee: £399 – £4,500
Our fees cover all of the work necessary to complete the purchase of your new property, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property you are interested to buy is in Wales. Please note all prices below are exclusive of VAT. The fees listed are our average fee ranges for a purchase transaction. The fee (including additional fees and disbursements) may vary depending on the source of the instruction, your solicitor’s experience and location, the property price and what work we are required to do. Legal Fee: £399 – £4,500
