Costs 

Purchase Costs
Buying a new home is obviously a big step, so it’s reassuring to know that we’re with you all the way. Firstly, we’ll help ensure that you don’t take on bigger payments than you can afford. As a guide, the cost of your monthly payment (mortgage plus rent) should not exceed 25% of a single, or 30% of a joint gross monthly income. There aren’t any hidden extras with shared ownership, just the usual one-off costs you would expect to pay when buying a new home. These include:

Reservation Fee
Once you’ve chosen your dream home we will reserve it for you for a small fee for up to eight weeks - so you’ll have plenty of time to arrange a mortgage without having to worry about losing it to another buyer. Upon completion of your home, this reservation fee is offset against the purchase price.

Mortgage Valuation
Should you need to arrange a mortgage, your bank or building society will ask you to pay for a valuation on your new home. A valuation is required before any lender can give you a mortgage regardless of who you are buying a property from. Some lenders may also require a deposit, so we suggest you shop around for the mortgage that suits you best and seek advice from an Independent Financial Advisor.

Legal Fees
You will need to appoint a Solicitor to act on your behalf during the buying process. Your Solicitor should explain all the necessary paperwork to you, so you are fully aware of your responsibilities.

Ongoing costs
All of our properties are designed to be low maintenance to keep costs down. In addition you have the peace of mind of a 10 year NHBC or equivalent guarantee of quality. However, there are obviously some ongoing costs, which are covered below.

Rent and Management Fee
You will pay a subsidised amount of rent that we collect by Direct Debit for your convenience. Included in this is a nominal management fee to cover your buildings insurance plus our administration costs.

Service Charge
On some new developments such as apartments, a service charge may apply to cover the maintenance of communal areas and grounds. Our Sales Advisor will explain if this is applicable.

General Outgoings
These are the same as those for the majority of home owners. Utility bills such as council tax, gas, water and electricity will be your responsibility along with your mortgage and contents insurance.