Approach to costs
Solicitors at Humphreys & Co. always aim to approach
legal work in a financially-disciplined way. We offer
competitive rates. Our charging approach is both transparent
and geared to the options open to our clients. Our
solicitors generally charge by reference to time spent but
we can often agree fixed fees for specific work or in some
cases risk-adjusted funding structures.
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Send us a summary of your circumstances and objectives for a quick response. |
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Shared ownership
conveyancing
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Part rent part buy conveyancing -
specialists nationally in these shared home
ownership transactions
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We
are long established solicitors. Our experienced
property lawyers have specialist knowledge in shared ownership (part
rent part buy). Look out for the new FirstBuy shared
equity scheme due to be launched in September 2011.
It is always
important to choose your conveyancers carefully, so that
moving home does not involve any more stress than is
absolutely necessary. In this complex conveyancing area,
part buy part rent, it is best to instruct a team with
the knowledge and skills necessary to explain clearly
and deal with the issues, ensuring that your shared
ownership or shared equity sale or purchase proceeds as
smoothly as possible and that unnecessary house legal fees are avoided.
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We offer a
highly personal and cost-competitive service
nationwide - London, Bristol, Birmingham,
Manchester, Norwich, Cardiff, Liverpool,
Plymouth, Nottingham, Canterbury, Southampton,
Oxford, Swansea...
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"Would just
like to express a huge thank you for all your work
and assistance. The service we have received from
you has been excellent. Should we ever need the
services of a solicitor in the future, we will
certainly be giving you a call, as indeed we will
be highly recommending your services to others."
(London, February 2012)
Shared ownership (or
shared equity) is a government funded scheme to consider
if you are not yet able to fund the cost of a home on
your own.
Shared ownership involves buying a percentage (usually
between 25-75%) of the home and paying rent on the
remainder. This can be a stepping stone to full
ownership; as time goes on you can increase the
percentage of the home that you own and decrease the
amount of rent you are paying (so-called ‘staircasing’).
Shared ownership
residents hold a long term (usually 99 years) lease over
certain newly built homes, purchased from a housing
association that retains the share of the property that
you do not purchase.
Shared ownership housing associations have been
authorised to run shared equity schemes for people who
have difficulty buying a home. The housing associations,
or HomeBuy or soon to be FirstBuy agents, will decide if
you can buy a home this way. Usually selection will be
based on your household income and factors making it
difficult for you to buy a home in your area.
Shared
ownership is often used by first time buyers and people
who rent council or housing association properties -
however it is also available to people who have
previously owned a home but can no longer afford to do
so. The terms "part buy part rent" and "part rent part
buy" say exactly what it is all about.
When it comes to selling on a shared ownership property,
the process depends on whether you own the property
outright or are still paying rent to the landlord. In
either case you are free to sell the property on -
however if it owns a share, the housing association will
likely also have the right to find a buyer for the
property. If you own 100% of your home, the housing
association has the right to buy the property back first
before you place it on the market. This is known as the
‘right of first refusal’. The housing association
usually has this right for 21 years.
Our specialist
conveyancing lawyers:
- Work as individual professionals looking
after individual clients' transactions
- Do not "process" clients' transactions like
they were cans of beans
- Have specialist shared ownership & shared
equity experience
- Provide regular updates on your shared
ownership purchase or sale
- Work very hard to make your purchase or sale
get through
- Explain difficult & technical material in
plain English (including lease liabilities)
- Are available to speak to one-on-one &
explain by email and letter
- Use high spec IT equipment to speed
communication
- Put your best interests (as the client) first
- Offer detailed house legal fees quotations
with no hidden extras
- Are expert in shared ownership and shared
equity transactions
Our conveyancing
team covers the whole of England & Wales:
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What is
the difference between shared ownership and
shared equity?
Shared
ownership
This involves buying a
share in the new home, e.g. 25% and taking a
lease over the rest of the home. You would
therefore pay rent as would a normal tenant. In
time you could increase the amount that you own
(potentially up to 100%) thereby reducing the
rent you are required to pay in a process called
staircasing. Generally buyers fund their
purchase of the intial share in the home by way
of a mortgage.
Shared
equity
This involves
buying a newly built home outright so that no
rent is payable. Generally only 5% of the
purchase price will be funded by the buyer
directly. 20% will be loaned to the buyer by the
developer building the home. The terms of such
loans vary so it can be wise to shop around and
certain developers will only lend to priority
groups such as first time buyers. The remaining
75% is provided by the buyer's lender by way of
a mortgage. This option can therefore provide a
foot on the ladder for buyers with very little
in the way of a deposit.
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Are you looking to staircase?
This is
something we would be pleased to help with. In
order to supply you with our detailed quotation we
would need the following information from you:
(1) Is the staircasing
being funded by your existing lender?
If funding
is being provided by a new lender we are likely to
need to carry out searches or obtain a search
indemnity policy in order for the lender to
release the funds.
(2) When you purchased
your initial share did you pay Stamp Duty Land
Tax on the premium and initial rent or on the
full market value of the property?
The general
rule in respect of shared ownership properties is
that stamp duty is not payable on the premium
until you staircase to a share above 80%.
There may be a stamp duty liability when you
staircase unless it has already been paid in
respect of the full market value.
(3) What is the
estimated amount you will pay to staircase and
the estimated market value of the property?
This is
needed to enable us to calculate the potential
stamp duty liability.
(4) Are there any
provisions in your lease restricting
staircasing?
Shared
ownership leases often limit the share that can be
purchased at any one time (for example minimum 10%
and maximum 25%). It would be helpful if you
could supply us with a copy of the lease.
The lease will also contain details of any
administrative charges that the Housing
Association make in respect of staircasing.
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FirstBuy
scheme
In
the budget speech of 23rd March, the
Chancellor announced a new government
equity loan scheme called FirstBuy.
FirstBuy is a government shared equity
scheme to help first time buyers onto
the property ladder. FirstBuy is
aimed at helping military personnel,
existing social tenants and other first
time buyers onto the property ladder
with a smaller mortgage deposit.
Eligible applicants will be offered an
equity loan of up to a maximum of 20% of
the purchase price (based on the open
market value). The equity loan is
provided by the Homes and Communities
Agency and developer as a second charge. Taking
out a shared equity loan can
signifcantly increase a first time
buyer's options.
Applicants are required to fund at least
80% of the purchase price by means of a
conventional mortgage, savings and any
deposit where required. Applicants must
obtain their conventional mortgage from
a Qualified Lending Institution.
For the first five years there is no fee
charged on the equity loan component. At
the start of year six a fee is collected
of 1.75% of the market value of the
property at the time the loan is entered
into multiplied by the outstanding
percentage under the equity loan, the
annual fee of 1.75% will be uplifted by
RPI +1% p.a.
To qualify for FirstBuy, you must meet
the following criteria:
- Your household income
is less than £60,000 a year.
- You are a first-time
buyer, or a homeowner who needs to
move because of a change in your
family’s circumstances (in which case
you must sell your existing property).
Priority will
be given to:
- First time buyers
- Serving Armed Forces
personnel
- Social tenants -
council and housing association
tenants
- Other locally defined
priority groups
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CALL
NOW to get a
proper, detailed quotation for legal work which is
itemised & efficient with NO
SURPRISES!
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Make a smooth move
with Humphreys & Co.
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Some
of our client feedback:
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"Thank you for
your tenacity. I am looking to staircase over
the next year or two and will see to it I give
you a call." (London SW1)
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"Sorry Natalie - I
have just had an email from Leanne confirming
exchange. You lot are so efficient, you
respond before I've even asked the question!"
(London)
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"Many thanks for the prompt response. I
would like to proceed with this, I will complete
the documentation and get this over to you as
soon as possible." (Bristol)
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"Wonderful! A big massive thanks
to everyone who has been involved. You have all
been marvellous and made the journey an
interesting one! I have already recommended you
to all my former neighbours and will continue
singing your praises to anyone who will listen."
(London, Peckham)
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"Ian,
Natalie, Leanne and anyone else who helped me in
the sale of my flat. My heartfelt thanks to all of
you" (London SE15)
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| "Natalie
that's fantastic news thank you and I await final
documents" (Sheffield) |
| "I
would like to thank you and Natalie for the
excellent service you have given and would highly
recommend you to family and friends." (Bristol
BS4) |
| "Hi
Leanne, FANTASTIC news! Thank you for hanging in
there with us!" (Oxford) |
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Accessibility
We take instructions from UK & international clients. Our independent lawyers are available by email, telephone & fax. With central Bristol offices we are just 90 minutes from London by road or rail and 15 minutes from Bristol International Airport. We can travel to meetings if required.
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Independent approach
We are an independent professional law firm here, not a legal factory turning out mass-produced products. In our experience, determined case-handling is more likely to produce effective results.
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Turnaround time
Solicitors at Humphreys & Co. look to input not only
careful legal work and precision but also the determination
to keep matters moving. They aim to work in clients' real
interests with energy and pragmatism.
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Communication skills
Solicitors at Humphreys & Co. always try to open up the
legal process by giving advice and explaining options to
clients in a concise and straightforward way, identifying
clear courses of action whatever the technical or legal
complexities of the subject. |
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