You need to account for shared ownership solicitors fees when buying or selling a property. A solicitor is a key part in the successful completion of any property sale.
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What are the shared ownership solicitors fees?
When you come to sell or staircase your shared ownership home, your solicitor will be just as important. It can be helpful to ensure you appoint a solicitor with previous experience in completing shared ownership transactions. Thus, you need to budget for shared ownership legal fees.
Shared ownership solicitors fees should be similar to those solicitors fees for buying and selling a house outright. However, it is always worth checking this before appointing your solicitor to act for you. Legal fees can be increased if the transaction is more complex due to the property being shared ownership.
There are also legal costs associated with shared ownership staircasing. This is when you buy a bigger share of your current shared ownership home.
Get your free shared ownership solicitors quotes to get an idea of the costs involved.
What do the shared ownership conveyancing fees cover?
Shared ownership conveyancing fees cover a number of tasks. Your solicitor will need to be in touch with the solicitor of the person buying your shared ownership home as well as the housing association. Part of their job will be to give the required documentation to the solicitors of those buying your shared ownership home to make sure everything is in order.
Your shared ownership solicitor will also need to be in touch with your bank or building society to make sure all relevant payments are correct before being processed. They will also generate the official contract of sale of your shared ownership home. This will enable you to complete the sale. It can be more complex due to the fact you are selling a shared ownership home.
Are solicitors legal fees less when selling a shared ownership home?
Typically speaking solicitors fees for selling your shared ownership home should be less. This is to due to the fact you will have no costs associated with them doing the relevant local searches. This should be done by the solicitors of those buying your shared ownership home.
As shared ownership properties are typically leasehold there may be more costs associated with using solicitors. This is because there could be more paperwork for them to fill out before your shared ownership sale completes. You need to get a breakdown for your shared ownership legal fees.
Where can I find shared ownership solicitors near me?
A good starting point is to ask your housing association for any recommendations. They may have a list of shared ownership solicitors they use. Also they may be able to give you an indication of how much it may cost you as it may depend on the shared ownership property you are buying.
As we mentioned earlier get your free shared ownership solicitors quotes. These can give you idea of the legal fees involved for shared ownership. It also gives you more choice about which solicitors to appoint when selling your shared ownership home.
Once you are in a position to move use our moving house checklist which lists the things you need to do when moving house.
We hope you have found this article helpful. If you have sold you shared ownership home recently please let us know your experiences when it came to shared ownership solicitors fees.
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Shared Ownership: Key Topics
- Are shared ownership houses leasehold or freehold?
- What questions should you ask when viewing a shared ownership property?
- Is shared ownership right for you?
- What is the downside to shared ownership houses?
- What does shared ownership service charge cover?
- Buying or selling shared ownership what are the costs?
- Shared ownership vs renting what will you do?
- How does shared ownership work when you sell?
- Is shared ownership only for first time buyers?
- How does shared ownership staircasing work?
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