Associated costs
There are a number of costs you must consider when purchasing a Shared ownership home
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 our service charge page at Payments and charges – Rotherham Metropolitan Borough Council