Costs to Consider When Buying a Shared Ownership Home
When buying a shared ownership home, there are several costs you need to think about:
- Reservation fee - A reservation fee is due when you have found a property that you like and the landlord has accepted your application. The Reservation fee for shared ownership properties purchased from Rotherham Council is £250 and is deducted from the total upon completion.
- Deposit - You will be required to pay a deposit which will be a minimum of 5% of the purchase price of the shares.
- Solicitor Fees - You will need to hire a solicitor or conveyancer to undertake the legal work required when purchasing a property, and you are responsible for paying these fees.
- Monthly Mortgage Payments - If you are taking a mortgage you need to consider the monthly repayments when considering whether you can afford the property.
- Rent to the Landlord - You are required to pay rent on the unowned share of the property. This figure will be confirmed at the time of reservation within the key information documents.
- Service Charges - For more information on what is included in these charges, please visit Service Charges - Payments and charges
