Costs involved

Shared ownership is cheaper than buying 100%. The exact amount paid out each month will depend on a number of things such as the price of the property, the size of the share you buy, the rent and mortgage costs. The larger the share size you buy, the higher the monthly costs of the combined mortgage and rent payments.

We will tell you what your rent will be and your mortgage lender will let you know the monthly cost of your mortgage.

What costs are involved in becoming a Shared Owner?

As with buying a house on your own, becoming a shared owner involves certain costs. Some costs you will only have to pay once. Others you will have to pay regularly, usually monthly.

Costs when you buy:

• Legal fees (for your solicitor or conveyancer)
• Valuation fees (for a survey or your home required by banks and building societies)
• Stamp Duty - You should check with your solicitor whether Stamp Duty is payable at the time of your purchase.  For further advice on stamp duty land tax (SDTL) you can contact the SDLT enquiry line on 0845 6030135.
• Any mortgage arrangement charges (check with your lender i.e the bank or building society)
• Indemnity premium (depending on your mortgage check with your lender i.e the bank or building society)
• Any deposit made (which will reduce your monthly costs)

 Moving costs:

 These might include:

• Moving expenses
• Possibly some fittings or furniture

Don’t forget once you have moved in there are everyday living costs:

• Rent
• Mortgage payments
• Any mortgage protection policy (to insure against unemployment)
• Any service charge made by the Independent Social Landlord
• Contents insurance (for your belongings, furniture, carpets etc.)
• Council tax
• All gas, electricity, water and telephone charges
• Other normal household bills (e.g. TV licence)
• All repairs, decoration and maintenance costs as a shared owner you are responsible for these.