Costs Involved

About Shared Ownership > Costs Involved

What costs are involved in buying a shared ownership home with Thames Valley Housing?

As you can imagine the cost of buying your share of your new home, and the ongoing costs, depend on its size and features. We can put you in touch with some independent financial advisors who can help you work out the costs of owning a home, and what you can afford based on your situation.

We hope that this short video will give you a better understanding of the costs involved.

 

Monthly costs and service charges

In addition to the rent you will notice that most properties also come with a service charge. The service charge covers the costs of communal services and maintenance for your building or estate. They do not cover the costs of repairs and maintenance within your home or the costs of running your home such as council tax or utility bills.

Examples of what the service charge covers include the following;

  • Buildings insurance
  • Communal lighting
  • Day to day repairs
  • Management Fee
  • Sinking fund *
  • Fire / Smoke emergency lighting maintenance
  • Pest control
  • Entry phone maintenance

*All apartment leaseholders pay into the sinking fund.

Legal Advice and Fees

You need to involve a solicitor and instruct them to act on your behalf during your purchase. We can recommend a selection of solicitors who are all experienced in Shared Ownership and offer competitive rates. However, you are of course free to use any solicitor you choose.

Your savings will need to be sufficient to cover the cost of legal advice, stamp duty, and other disbursements. Your solicitor will be able to give you a complete quote for this.