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  1. Home
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  3. Shared ownership

Shared ownership

In this section

  1. What is Shared ownership?
  2. Eligibility criteria for Shared Ownership
  3. You are here: Costs to Consider When Buying a Shared Ownership Home
  4. Repairs and improvements
  5. Buying More Shares in Your Property
  6. Selling your Shared Ownership home

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
  • Previous page: Eligibility criteria for Shared Ownership
  • Next page: Repairs and improvements

Downloads

  • Empty Homes Plan
  • Housing Services: User Guides

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