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Considering shared ownership is a good idea if you want to buy a home but don't have enough money to buy it outright.

The benefits of shared ownership can make it easier to become a homeowner, but it's important to keep in mind that the option doesn't come without any out-of-pocket expenses. Legal fees or conveyancing charges are included. In short, they play a crucial role in establishing a system of shared ownership.

This article will discuss legal fees for shared ownership in further depth. We'll cover all the conveyancing fees and necessary steps to get you where you need to go.

Do I Need a Solicitor to Purchase a Shared Ownership Property?

In order to complete the purchase of a shared ownership home, you will require the services of a conveyancer or a solicitor. The legalities of joint ownership are dealt out by a conveyancing professional. In addition to the necessary paperwork, deposits are also needed. In other words, they can't be separated from the procedure.

Most homes that are available for shared ownership are leaseholds; thus, it is wise to work with a leasehold solicitor. In order to buy a portion of a property, you will also need to hire a barrister and pay their fee.

In the Case of Shared Ownership, How Much Is the Initial Deposit?

Your first deposit for a property in which you have shared ownership must be at least 5% of the value of your equity stake. A full deposit is not required because you are not making a purchase of the entire property like you would with a conventional mortgage.

How much you have to put down as a deposit depends on how much of an equity stake you have and how much money you wish to put in the beginning.

If you are buying a home with a 25% share and it costs £200,000, for instance, you will pay a total of £50,000. A 10% deposit would bring the total to £5,000; therefore, that would be the minimum payment required. Afterwards, you'd apply for a mortgage in the amount of £45,000.

How Much Shares Can I Avail?

People seeking shared ownership often purchase between 25% and 75% of a property. If you're lucky, you'll find a plan that lets you buy a 10% stake. The Shared Ownership Scheme established by the British government states as much.

It is possible to buy more of the property in the future if you start out by purchasing 25% of it. Staircasing is the term for purchasing an additional 10% or more of a property.

It's also important to note that the deposit requirements for various programmes range from 5% to 1%, with the exact percentage changing based on when the house was bought. Most plans allow you to purchase the entire building outright; however, some of the older plans may limit you to 75%.

Legal Fees Paid to the Solicitors

You must pay the shared ownership solicitor fees associated with this, as you will require legal representation. The typical cost of a property purchase solicitor in the United Kingdom is £1,490. This assumes a typical home cost of £295,903.

The shared ownership premium is £330, and the premium for purchasing a brand-new construction is £360. All of these charges are in addition to the normal fees charged by lawyers.

Fees for Shared Ownership Supplement

Our research indicates that the typical cost of legal representation for a shared ownership supplement costs £330. The majority of conveyancing lawyers will charge this fee, while some won't. You should account for this in your spending plan.

The supplemental fee will pay for the extra maintenance and upkeep required of leasehold properties. There will be more leasehold than freehold shared ownerships.

New Build Supplement

The typical cost of the new-construction premium is £360.

Most co-ops are found in recently constructed structures. All things considered, this is fantastic news for the state of the property. However, there is additional work for solicitors and conveyancers with new construction.

The owner's monthly rent payment will be higher than that of an existing property due to both the new build supplement and the increase in the base rent.

Conveyancing Searches

From what we can tell, the average cost of conveyancing searches is £290. Searches might cost anything from £250 to £450, depending on the area in which the property is situated.

Searches that facilitate conveyancing are crucial. They're useful for finding environmental and legal problems in an area. Your lawyer will conduct searches with the appropriate Local Authorities, Environmental Agencies, and Water & Drainage Companies.

Land Registry Registration Fees

Your conveyancing lawyer must register your new ownership with the land registration.

The average price is £438, but it can be anywhere from £20 to £910. This depends on the value of your home and the way it is currently recorded.

The Cost of a Bank Transfer

If you're sending over £60,000 in one transaction, the bank will typically charge you £40 in fees.

Shared Ownership Leasehold Costs

Consider leasehold costs while investing in shared ownership. Services fees are often included in this total. These fees will also be used for the upkeep of the building's common amenities.

For instance, if you've recently purchased a flat, you can contribute to the upkeep of common facilities like the lobby and the garden. The amount of these fees will differ from one landlord to the next.

Stamp Duty Land Tax

The typical amount of stamp duty is £3,580. The amount you'll have to pay can change based on the property you're buying or selling. According to the government website, there appear to be two stamp duty payment options for shared ownership. It is possible to either pay the full stamp duty at once or pay it in instalments over time.

If you are a first-time buyer or if the purchase price of your home is less than £250,000, you will not be required to pay stamp duty. Procedures vary between Scotland, Wales and England. In Scotland, you must pay Land and Buildings Transaction Tax, and in Wales, you must pay Land Transaction Tax rather than paying stamp duty.

Land and Buildings Transaction Tax in Scotland is waived for purchases of properties valued at less than £175,000. The Land Transaction Tax in Wales only applies to purchases of less than £225,000.

Survey Costs

Based on our findings, the average cost of a survey ranges from £250 to £600. That depends on the kind of poll you conduct.

Hiring a competent surveyor is essential when purchasing a shared-ownership home. It will be possible for them to do a survey of the property before making an offer.

Depending on the sort of property, you'll want to conduct a different kind of RICS survey. An RICS Home Survey Level 2 is appropriate for brand-new construction, whereas a Level 3 is more thorough and should be used for older homes.

Are There Any Extra Fees Associated with Buying Shared Ownership?

The additional expenses for purchasing a property with shared ownership are as follows. These expenses are on top of the typical home mortgage closing charges, which include:

  • Fees for Lease Extensions

The administrative expenses incurred in connection with a lease extension can add another £7,000 to £10,000.

In the event that the property you purchase through shared ownership is leasehold, you may be required to pay a lease extension fee down the road. Most leases are for 99 years or more and may not require renewal. Although this is no assurance, it is something to think about if the property in question has a short remaining lease term.

  • Rent

Leasehold costs are proportional to the percentage of the property you own and the purchase price. There will be a reduction in your monthly rent if you decide to buy more of a stake in the shared ownership in the future.

Rent must be paid on top of the mortgage payment when purchasing a shared-ownership home. This is due to the fact that your ownership of the property is limited. Rental payments are calculated as a fraction of the total property value based on the landlord's ownership interest.

  • Service Charge

Shared ownership requires you to pay for the property service charges as part of the overall purchase price. These fees will be used for the upkeep of the building's common amenities.

For instance, if you've recently purchased a flat, this will help cover the cost of maintaining its common facilities. The amount of these fees will differ from one landlord to the next.


Shared ownership, also known as shared equity or shared appreciation, is an effective way to purchase a home when traditional financing is not an option. It allows the buyer to pay a reduced purchase price and monthly payments while the seller retains a portion of the equity in the home. Buyers must also be mindful of the associated fees, including closing costs, deposits, and shared ownership fees. Indeed, with the right information, shared ownership can be viable for buyers looking to purchase a home.

If you are looking for cheap conveyancing quotes in the U.K., look no further than what we have to offer here at Conveyancing Calculator. We provide instant online residential conveyancing quotations using our trusted and accurate conveyancing fees calculator. Call us today for more information about our platform and online calculations.


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