Shared Ownership schemes are the perfect solution for those that are wanting to join the housing ladder but are unable to produce the full amount required for a deposit, or are unable to find a lender who will accept them for the required level of mortgage requested. Shared Ownership is an available option for selected properties; it works on a system whereby you pay a mortgage repayment on the percentage of the property that you own, and then a reduced fee to the Housing Agency for the portion they retain. Over time the options to increase your share will arise which you can progress with if your circumstances allow.
Eligibility criteria for this scheme will differ according to location, size, and value of the property, and your repayment amounts will of course be related to the value and percentage of the property you wish to own. Your household income will need to meet certain criteria to show that you earn a certain amount or less, and that you do not currently have any investment or ownership rights in any other place of residence.
Buying through a shared ownership scheme requires specialist legal advice. The Bailey & Cogger conveyancing team are fully trained in this field and are on hand to guide you through from enquiry to completion.
Drawing on many years of experience dealing with shared ownership, they can:
- explain how the shared ownership scheme relevant to you operates, including the terms of any lease you will be required to sign;
- explain the terms of your mortgage offer;
- ensure you understand the financial commitments involved in proceeding;
- assess whether stamp duty land tax will be payable on your purchase;
- discuss your options where stamp duty land tax will be payable, including ways to keep your tax bill as low as possible if you plan to increase your share;
- register your interest in the property with the Land Registry;
- help you acquire a further share in the property where this is possible; and
- assist you in selling your share in the property.
We can also provide advice on other schemes designed to help get you on the property ladder, including Help to Buy Equity Loans for new build homes and the Help to Buy Mortgage Guarantee for older properties.
Advising individuals throughout Kent and beyond
We have offices in Tonbridge, Maidstone, Gravesend, Chatham and Tenterden where we can meet you to discuss your requirements.
We can also offer meetings at your home if necessary, and in exceptional circumstances a telephone appointment can be arranged via skype.
Our conveyancing fees
The cost of buying a property through a shared ownership scheme will vary depending on your circumstances. We are happy to provide a no obligation estimate upon request or you can find our conveyancing fees here.