We now only have a few homes left at Elsey Croft in Skipton. For a limited time only, when you reserve your brand new home you’ll receive £1000 towards your legal fees and £2,500 to spend at IKEA.
Shared Ownership is a great way to step on to the property ladder, but it is also important to make yourself aware of the additional costs that are involved with the purchase of your home and also the monthly costs expected to pay once you have moved in to your sparkly brand new home! With incentives available, we’ve decided to put together the additional costs you’ll need to expect when reserving your brand new home and how £1000 towards your legal fees can help get you moving.
One of the many advantages of Shared Ownership is the amount required for a deposit will be a lot smaller than if you were to buy a 100% share of a home. The amount needed for your deposit will vary depending on the property but for a typical Shared Ownership property, your deposit is 5% or 10% of the share you are purchasing.
For example, if you were to buy an initial 35% share of a home at Elsey Croft, the value of your share will be £74,375. You would then need to put a deposit down of £3,718.
A solicitor or licensed conveyance professional will be needed to carry out the necessary legal work. You will need to instruct your solicitor before your mortgage application can be submitted. The fees involved with this process will usually be on a fixed cost basis.
MORTGAGE BROKER FEES
Most mortgage brokers will charge a fee for their services and these can vary from a fixed amount to a percentage of the purchase price. A mortgage broker should explain clearly what fees are charged and when, before they undertake any work on your behalf.
There are also the additional costs of moving home such as removal costs but these additional costs can vary. It is recommended that you have between £3000 and £5000 in hand to cover all of the fees and costs of moving, which includes the solicitors and broker fees.
Our remaining homes at Elsey Croft are all fitted with carpet and flooring throughout. Each home is complete with fridge freezer and oven/hob. This means that all of your £2,500 voucher can be spent on kitting out your new home with furniture to transform your brand new house into your brand new home!
MONTHLY COSTS OF A SHARED OWNERSHIP HOME
You will make repayments towards your mortgage each month, the amount will depend on the value of the share you have purchased, the amount of deposit you have paid, your mortgage term and interest rate.
Each month you will pay a small rental payment for the remaining share of the property. This rental figure is worked out by 2.75% of the unpurchased share. So for one our homes at Elsey Croft, this monthly payment would be £315.554 for a 35% share. This is a significantly reduced rental payment compared to rental prices in Elsey Croft being around £700 for a 2 bedroom home.
All of our homes at Elsey Croft are now ready to move into, these homes won’t stay on the market for long so avoid disappointment and give our sales team a call on 0113 825 6777 to book your appointment.
Find more information on Shared Ownership and the Shared Ownership affordability calculator here