Costs of buying
To buy a pre-owned shared ownership property you will need to consider the following costs:
- Legal fees
We estimate you will need a minimum of £4,000 to cover the legal fees for purchasing a property
You will be required to put down a deposit towards the purchase of the property. You should speak to an independent financial advisor to find out what deposit you would be required to put down.
- Stamp duty
This will be payable in line with government legislation and policy at the time of purchase.
- 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 will do 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 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.