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Costs of shared ownership
We estimate you will need a minimum of £3,000 to cover legal and associated costs of purchasing. Below is a summary of these costs to use as a guide.
Mortgage
You will need to arrange a mortgage for the share you are buying. Most banks and building societies are able to assist with the New Build HomeBuy mortgage applications.
Stamp duty
This wil be payable in line with government legislation and policy at the current time.
Legal fees
These are fees payable to the solicitor who carries out legal work on your behalf.
Land registry
This fee ensures you own the property. If you do not pay this you do not officially own your home.
Local search
The solicitor does this on your behalf. The search is to confirm whether or not any planning applications or development plans have been registered with the local authority which may affect the property you are buying.
Bankruptcy search
This process involves checking your credit rating to see if you have ever been declared bankrupt. If you were this would affect your application.
Engrossment of lease
This is the fee charged by the landlord’s solicitors for preparing the lease.