Most frequently asked Questions?

Back >

What is the cost of buying a New Build Shared Ownership or Shared Equity home?

Mortgage valuation and arrangement fees

Your mortgage lender will normally charge you a fee to value the property you want to buy and to secure a product.

Legal fees

You will need to appoint a solicitor to deal with all the legal work, you are free to select your own or use one of panel solicitors who are experienced in New Build Homebuy.

Search/Land Registry: This will be organised by your solicitor and is in addition to their other fees.

Stamp Duty: On the Home Buy schemes you don’t have to pay stamp duty until your share of the property reaches 80% but a solicitor may recommend that on purchase you either pay stamp duty on your share or the full value of the property. Please consult your solicitors for a full explanation. With regard to Shared Equity because you legally own 100% of the property you are subject to stamp duty on the full purchase price.

Household Bills: You are required to pay for your household bills, including council tax.

Rent: The rent is calculated as a percentage of the housing association’s share of you property. The rent increases on April 1st each year. Mortgage Repayments: This is dependant on the size of your mortgage and interest rates. You should consult an independent Financial Advisor for advice. Service Charge: The charge includes a management fee plus the cost of maintaining any common areas, including building insurance.