What costs are involved in becoming a shared owner?
As with buying a house on your own, becoming a shared owner involves certain costs. Some costs you will only have to pay once. Others you will have to pay regularly, usually monthly.
Costs when you buy:
Legal fees (for your solicitor or conveyancer)
Valuation fees (for a survey or your home required by banks and building societies)
Stamp Duty – You should check with your solicitor whether Stamp Duty is payable at the time of your purchase.
Any mortgage arrangement charges (check with your lender i.e the bank or building society)
Indemnity premium (depending on your mortgage check with your lender i.e the bank or building society)
Any deposit made (which will reduce your monthly costs)