Shared Ownership Conveyancing Solicitors
When buying or selling a Shared Ownership property, you need a conveyancer to handle the legal aspects of the transaction.
Shared Ownership means a buyer will purchase a share of a home and then pay rent on the rest. This was introduced to help those with smaller deposits, on a lower income or struggling to buy a home.
Below we look at conveyancing for Shared Ownership and what the process involves. We have also reviewed the top 10 solicitors on our network that can assist with Shared Ownership.
Top 10 Shared Ownership Solicitors in 2023
Below we look at our top conveyancers for Shared Ownership transactions. These are our top-rated partners who can assist with Shared Ownership conveyancing.
1. My Home Move Conveyancing
Leicester-based My Home Move Conveyancing are regulated by the Council for Licensed Conveyancers. They are able to take on clients for sales and purchase, including Shared Ownership. They have been a Compare My Move partner since September 2021 and are a member of the Simplify Group.
2. Dobbs & Drew Property Lawyers
Gloucester-based Dobbs & Drew Property Lawyers has been a partner since 2019. They hold a 5-star rating with us and are regulated by the Council for Licensed Conveyancers (CLC). They can assist with Shared Ownership transactions, operating across Swindon, Bristol, Newport, and Gloucester.
3. Attwells Solicitors LLP
Attwells Solicitors LLP has been a partner with Compare My Move since June 2020. Based in Colchester, they can assist with the legal process of buying and selling, including Shared Ownership.
4. Muve Conveyancers
Muve Conveyancers operate across Wales and England, including Shared Ownership transactions. They have been a Compare My Move partner since February 2020, offering expert advice when it comes to buying and selling property.
5. TG Collins Solicitors
A partner since October 2019, TG Collins Solicitors are regulated by the SRA (Solicitors Regulation Authority). Offering a range of legal services, including Shared Ownership, they have over 7 years of experience in the industry.
6. GD Property Solicitors
GD Property Solicitors are a Manchester-based firm. They have been a partner since February 2019 and are regulated by the SRA (Solicitors Regulation Authority). They can assist with a range of legal services, including Shared Ownership.
7. Conveyancing Marketing Services Ltd
Conveyancing Marketing Services Ltd offers a range of legal services, including assiting with Shared Ownership transactions. They have been a partner with Compare My Move since October 2021, serving customers across England and Wales.
8. WTB Solicitors
A partner since March 2021, WTB Solicitors are regulated by the Solicitor’s Regulation Authority. With over 10 years of experience, they offer tailored services and can assist with Shared Ownership transactions.
9. Ackroyd Legal
Ackroyd Legal are a London-based conveyancing firm that joined our network in March 2022. With years of experience, they can offer expert advice, including on Shared Ownership transactions.
10. Henriques Griffiths
Henriques Griffithshas been operating since 1973. Based in Bristol, they have years of experience in the field. They have been a member of our network since August 2022
They are fully regulated and can assist with sales and purchases, including Shared Ownership.
How We Select Conveyancing Partners
We looked at the top-rated conveyancers that can assist with Shared Ownership. Many of these companies are not only top for Shared Ownership, but for conveyancing as a whole across our network.
Our conveyancing partners go through a strict verification process before joining our network. This includes:
- Professional Company Checks to make sure that the business is reliable and trustworthy.
- All partners must have a business website or Facebook page that provides up-to-date information on the company.
- Taking into account customer reviews, ensuring the companies are of the highest standard.
Our sales and partner support teams ensure all partners are licensed and members of one of the following:
- Council for Licensed Conveyancers (CLC)
- Solicitor's Regulation Authority (SRA)
- Law Society Scotland (LSS)
- Law Society Northern Ireland (LSNI)
- Chartered Institute of Legal Executives (CILEx)
Once a partner joins our network, our Partner Support Team monitors them to ensure they continue to meet our standards.
Do I Need a Solicitor to Buy a Shared Ownership Property?
Yes. When buying a Shared Ownership home you need a regulated conveyancer or conveyancing solicitor. They will be responsible for handling the legal side of the transaction. This is the case whether you are buying or selling the property.
What Does a Solicitor Do for Shared Ownership?
Conveyancing for Shared Ownership is not too dissimilar to buying or selling any residential home. However, there are a few differences to be aware of.
Your solicitor will need to review the lease between you and the housing association. They must also look into your obligations to the freeholder.
The contracts will need to be carefully reviewed by your conveyancer. This is to check for any restrictive covenants or obligations set out by the housing association or freeholder.
Your conveyancer will then arrange the exchange of contracts. Once contracts have been exchanged, they will set a completion date.
Shared Ownership Solicitor Fees
On average, the extra conveyancing cost for Shared Ownership properties is £330.
All homes purchased through shared ownership will be leasehold. This means a freeholder (who owns the land) is leasing the land for a certain amount of time.
The current average UK property price is £295,903. Based on this, we found the average cost of conveyancing for purchasing a Shared Ownership home is £1,800. This is based on average conveyancing fees for a leasehold property at £1,490 plus the extra £330 fee.
For selling, the cost of conveyancing for a Shared Ownership is £1,730.
Shared Ownership Solicitor Fees for Buying
|Property Value||Leasehold Solicitor Fees||Fees with Shared Ownership|
|Up to £100,000||£1,270||£1,580|
|£100,001 to £200,000||£1,370||£1,680|
|£200,001 to £300,000||£1,490||£1,800|
|£300,001 to £400,000||£1,560||£1,890|
|£400,001 to £500,000||£1,650||£1,960|
|£500,001 to £600,000||£1,860||£2,170|
|£600,001 to £700,000||£1,960||£2,270|
|£700,001 to £800,000||£2,150||£2,460|
|£800,001 to £900,000||£2,290||£2,600|
|£900,001 to £1000,000||£2,340||£2,650|
Shared Ownership Solicitor Fees for Selling
|Leasehold Solicitor Fees||Fees with Shared Ownership|
|Up to £100,000|
|£100,001 to £200,000||£1,310||£1,620|
|£200,001 to £300,000||£1,420||£1,730|
|£300,001 to £400,000||£1,490||£1,800|
|£400,001 to £500,000||£1,580||£1,890|
|£500,001 to £600,000||£1,780||£2,090|
|£600,001 to £700,000||£1,880||£2,190|
|£700,001 to £800,000||£2,050||£2,360|
|£800,001 to £900,000||£2,170||£2,480|
|£900,001 to £1000,000||£2,250||£2,560|
How Long Does Conveyancing Take for Shared Ownership?
Typically conveyancing for Shared Ownership takes longer than an average property sale. The standard conveyancing process takes on average between 8 to 12 weeks from the time a sale is agreed. The length of time it takes will vary depending on the transaction.
Also, Shared Ownership properties are always leasehold. This involves more paperwork and work on the conveyancer's behalf.
Am I Eligible for Shared Ownership?
Shared Ownership is often utilised by first-time buyers but it is not exclusive to those buying for the first time. However, to be eligible you need to:
- Be at least 18 years old
- Do not currently own a property or be in the process of selling your home if you do own a property
- Have an annual household income lower than £80,000 if living outside of London (it must be lower than £90,000 if living in London)
- Have savings of at least £4,000 to cover the costs
- Have access to a deposit of 5-10%
- Be unable to afford a property on the open market that's suitable for your personal housing needs
- Prove you are not in mortgage or rent arrears
- Have a good credit record and can show you can afford to buy a home
How do I apply?
You will need to contact your local housing association to find out if you are eligible for a scheme in your area. If so, you will need to register on the official Shared Ownership scheme for your region. You must do this before applying for a mortgage.
How Much of a Share Can I Buy?
The minimum share you can buy in a Shared Ownership property is usually 25%. Some developments may require a high minimum amount of 35% or 40%. Once you have your initial share, you can usually buy more shares of the home once you are the owner. This is known as “staircasing”.
According to the Government website, there are ‘designated protected areas’ where you can only buy up to 80%. If you buy an older people’s shared ownership (OPSO) home, the maximum share you can own is 75%.
Do I Pay Stamp Duty?
It depends. First-time buyers won’t have to pay Stamp Duty on the first £425,000 of a home costing up to £625,000 in England and Northern Ireland. This means if the home costs less than £425,000, you won’t have to pay Stamp Duty at all.
If you are not a first-time buyer, the threshold is £250,000 in England and Northern Ireland. In Scotland, you are liable to pay Land and Buildings Transaction Tax on properties over £145,000. The threshold is £175,000 for first-time buyers. In Wales, you pay Land Transaction Tax on homes costing £225,000 or more.
If you are required to pay Stamp Duty, you have two options with a Shared Ownership property. You can pay Stamp Duty for the entire value of the home or you can pay Stamp Duty on the share of the home you are buying.
Be aware that if you do this, you will need to pay Stamp Duty later on if you buy the home outright.
How is the Rent Worked Out?
If you buy a new-build Shared Ownership home, the rent limit is 3% of the value of the share the landlord owns. According to the government website, most landlords charge 2.75%.
For example, if the home is £200,000, they will own £120,000 of the home and charge 2.75% on that amount. This works out as £3,300 a year making your monthly rent £275.
If the home is not a new build, the starting rent will be set at the same level as the previous shared owner was paying. Be aware that the landlord will review your rent, as set out in your lease. This is usually done annually.
Are There Any Extra Costs When Buying a Shared Ownership Home?
As we’ve mentioned above, a Shared Ownership home will always be a leasehold. This means paying more for your conveyancing, in addition to the extra fee for a Shared Ownership transaction
Additionally, you may have to pay:
- Ground rent charges on the property as it is leasehold
- Service charge to the housing association
- Any housing association admin fees
Can I Get a Mortgage with Shared Ownership?
Yes, you are able to buy a Shared Ownership home with a mortgage. However, you will need a specialist Shared Ownership mortgage. You also need to ensure you meet the lender’s criteria.
Before applying for a Shared Ownership mortgage, you must contact your local housing association. They can tell you if you are eligible for the scheme to find out if you are eligible. If you are, you must register on the official Shared Ownership scheme for your region.
Finding a Solicitor for Shared Ownership
One of the best ways to find a solicitor when buying or selling a Shared Ownership property is to compare local conveyancers.
At Compare My Move, we can connect you with up to 6 trusted and regulated conveyancers in your local area. This way you can compare services and prices, getting the best deal for your transaction.