Shared Property Ownership

We have specific experience in dealing with the purchase of properties by way of shared ownership lease

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Shared Property Ownership

At AmicusLaw we have a dedicated team with specific experience in dealing with the purchase of properties by way of shared ownership lease.

We understand that for most clients this will be the first time they have purchased a property and we therefore aim to guide clients through the purchase as quickly and efficiently as we can. From the start of the process right through to completion you will be dealing one to one with a specialist property lawyer with direct telephone/e-mail communication.

Our service is provided on a fixed fee basis. This means that you can easily budget for the costs involved in the transaction as we know how important this is to clients and because we deal with this specific type of work every day with referrals from a number of Housing Associations this allows us to keep our prices extremely competitive.

In addition, the seller’s solicitors may request additional fees for supply of the documents (this varies between £75 to £125). There will also be a notice fee payable if you are having a mortgage (normally £40 to £60).

Standard Fixed Fee Quote

All fees quoted include VAT where payable. 

Our Fees (for dealing with the purchase) – £720.00

Dealing with your mortgage (if applicable) – £96.00

Bank Transfer fee – £30.00

Pre Exchange Searches – £238.26

Post Exchange Searches – £5.00

SDLT fee – £60.00

TOTAL £1,149.26

 

Help To Buy ISA’s

We are registered with the Help to Buy ISA scheme and would be happy to discuss any queries that you may have in relation to this scheme.

 

Additional Fees

There will be a couple of additional payments required to be made to third parties which will be dependant on your purchase price. These are as follows:

Land Registry Fee

This is a fee the Land Registry charge to register your ownership after completion. This charge will be provided as soon as the specific price of your purchase is known but as a guide for a purchase between £80,000 and £100,000 the fee is currently £80.

Stamp Duty

There may be stamp duty to pay, but this is also dependant on your purchase price.

Stamp duty is payable once you exceed a price of £125,000. The rate is charged in bands and from £125,000 to £250,000 the band is 2% of the value of the property over £125,000.

 

1 | Not a First Time Buyer
On an initial shared ownership purchase, you have the option of either paying stamp duty on the full market value or the premium and rent . As an example if the full market value of the property is £240,000 and you are buying a 50% share you would be paying £120,000. In this example you could elect not to pay stamp duty as your payment does not exceed £125,000. If however you elected to pay on the full market value your stamp duty on a purchase at this price as for all normal purchases would be £2,300. The benefit in paying on the full market value is that in future if you buy further shares no further duty is payable. However by electing to pay on the premium and rent the stamp duty is deferred although should you buy further shares in the future, taking your total share above 80%, the duty is payable on the market value set at that time.

2 | First Time Buyer
Following the Autumn Budget there is now a special exemption for First Time Buyers. They will not be required to pay Stamp Duty Land Tax where they elect to pay on the full market value which is up to £300,000. Where the full market value exceeds this figure Stamp Duty is payable at 5% on the difference.

Meet some of our Property Lawyers

Caroline Bennett

Partner & Head of Conveyancing

Caroline is a Fellow of the Chartered Institute of Legal Executives. She is well respected for her diligence in all manner of residential property transactions and attracts a strong and loyal following of local people for whom she has acted for on repeated occasions over the past 25 years.

Caroline lives locally, enjoys travelling abroad with Italy as one of her favourite countries. She is a strong supporter of local businesses and events.

Call Caroline on 01278 664060
Or email here >>

Judith Mills

Senior Conveyancer

As a senior conveyancer and Fellow of the Chartered Institute of Legal Executives, Judith has experience in dealing with all aspects of residential conveyancing. Judith's professional and efficient manner has meant that many clients return to her and refer her to others. She has also established a good working relationship with many of the local agents and other advisers.

As a keen artist and member of a local art group she has exhibited her work locally.

Call Judith on 01278 664060
Or email here >>

Barbara White

Residential Conveyancing Lawyer

Barbara is a residential property conveyancer who has practised in Yeovil and the surrounding areas for many years. She is well respected by the local estate agents and is renowned for providing a first class service to ensure property transactions go as smoothly as they can. Barbara can provide comprehensive quotes and talk you through the process at the outset to give you peace of mind.

Barbara has for many years now trained, shown and judged many horse shows and events up and down the country.

Call Barbara on 01935 426047
Or email here >>

Andrea Parsons

Conveyancing Solicitor

Andrea qualified as a solicitor in 1998 and worked in and around her home county of Northamptonshire before moving to and settling in Somerset in 2010 with her young family. Andrea has a reputation with local agents for “getting the job done”. As well as helping you buy and sell your property, she can help you with extending your lease, granting and releasing easements and other residential property matters. Andrea spends her spare timing baking, horse riding and gardening.

Call Andrea on 01935 426047
Or email here >>

Win-Yee Li

GCILEx

As a Graduate Member of the Chartered Institute of Legal Executives Win-Yee works in our Conveyancing Team. She has gained over three years of experience in the real estate department and lives locally. She has recently completed her Cilex Level 6 Diploma in Law and Practice and wishes to go on to become a qualified Chartered Legal Executive.

Call Win-Yee on 01278 664060
Or email here >>

Nigel Mills

Conveyancing Executive

Before relocating to Exeter in 2003 Nigel gained valuable experience in working in the residential market in both Southampton and central London advising on all aspects of residential transactions. Nigel has excellent experience of not just general freehold and leasehold matters, lease extensions, high value properties but also transfers of equity and the occasional garage purchase! Nothing is too big or too small and all will receive the same high quality service that you can expect.

Call Nigel on 01392 267267
Or email here >>

Gary Voysey

Chartered Legal Executive

Gary is a Chartered Legal Executive. Having qualified over 30 years ago he has a wealth of experience in residential Conveyancing having worked in this field both for a major lender as well as in private practice. His particular passion is for social housing and he specialises in acquisition of property from Housing Associations by way of shared ownership Leases and shared equity transactions.

Call Gary on 01392 267266
Or email here >>

Abbi Tow

Conveyancing Paralegal

Abbi has vast experience in dealing with residential conveyancing matters, specialising in Shared Ownership transactions along with staircasing and resale matters. She enjoys helping clients from start to finish of their sale/purchase journey and is keen to help many more! Abbi has lived in Exeter for over 10 years and is looking forward to developing the firm’s position in the area.

Call Abbi on 01392 267267
Or email here >>

Joanna Shortland

Trainee Licensed Conveyancer

Jo has been in Law for 12 years and joined AmicusLaw in 2015 as a Conveyancing Assistant. Her role has since developed and she is now proceeding to undertake work on her own files.

Jo is currently studying to become a Licensed Conveyancer and is approaching her final exams. She hopes in the near future to use her experience, skills and qualification to further aid her training and knowledge of property law so that she can apply these in practice.

In her spare time, Jo enjoys musical theatre, reading and spending time with her family.

Call Joanna on 01935 426047
Or email here >>

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