Shared ownership costs
Costs involved in shared ownership
- Reservation fee
- You will usually need to pay a reservation fee of up to £500. This fee is taken off the final amount you pay on the day you buy the home (completion day).
- Buying costs
- Deposit (usually between 5% and 10% of the share you are buying)
- Your solicitors’ fees
- You may also need to pay stamp duty.
- Monthly costs
- Monthly mortgage payments on the share of the home you own.
- Rent for the share that you do not own
- You may also need to pay service charge for the maintenance of any communal areas.
Buying your share
- The share you can buy is usually between 25% and 75%. On some homes you can buy a 10% share.
- You can take out a mortgage to buy your share or pay for it with savings.
- You will need to pay a deposit, usually between 5% and 10% of the share you are buying.
- You can buy more shares in your home in the future. This is known as 'staircasing' You will then pay less rent as the amount of rent you pay is based on the landlord’s share.
Find shared ownership housing
To find shared ownership housing in Runnymede use this link. Search Runnymede and select ‘Shared Ownership’.
For more information on shared ownership click here.
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