You should think carefully about the costs involved in becoming a homeowner. 

These will include:

• Reservation fee
  • SHAL requires a reservation fee (usually £500) to secure your interest in the property
• Valuation fee
  • This is required by law and will determine the amount you pay for the property.  The valuation must be carried out by a member of the Royal Institute of Chartered Surveyors. If you need a mortgage to buy your new home your lender will arrange this valuation for you
• Legal fees
  • Shop around for a solicitor as fees can vary.  You should also ask if they have experience working with shared ownership leases
• Mortgage arrangement fee (if applicable)
  • This may be required by your lender.  We recommend you use an independent financial advisor (IFA) when looking for your mortgage as they will give you the best advice
• Stamp Duty

As well as the costs involved in buying your home you’ll need to think about the ongoing costs involved in living in your home.

These include:

• Mortgage
  • The amount you pay each month depends on the size of your mortgage and the interest rate you pay
• Rent
  • Your lease will confirm the amount of rent you will pay SHAL each month.  This will increase each year and we will explain this to you when you apply to buy your home
• Service charge
  • You may need to pay a service charge, or management company charge, especially if you are buying an apartment.  Service charge budgets and accounts will be made available to you
• Insurance
  • SHAL will insure your home and recover the cost through your monthly rent payment.  SHAL can provide details of the policy and the excess payable should you need to make a claim
  • You will need to take out your own policy to insure the contents of your home
• Utility bills
  • You will be responsible for all the utility bills such as gas, electric and water rates
• Council tax
  • You will be responsible for paying council tax to the local authority