Prices and Costs
What will it cost?
The main costs involved are:
Survey and valuation report
Your mortgage lender will want to make sure that the property you are buying is in reasonable condition and worth the money that we are asking you to pay. They will want to carry out a survey on the property before you buy. If it is a new property, a mortgage valuation will generally be enough. If you are buying a second hand shared-ownership property, a more in depth survey will be needed, usually a homebuyer's report valuation. You should allow for £250 to £500 plus VAT depending on the property you are buying and the type of survey you decide to have.
You will need a solicitor to act for you, and some solicitors charge more than others.
Stamp duty and disbursements
All properties over a certain value have to have Stamp Duty paid on them. Your solicitor will tell you what the rate is, and how you should pay it.
Deposit and exchange of contracts
When you exchange contracts on your new homes, you will be asked to pay a deposit (some mortgage providers will require you to pay a higher % of deposit).
Price and rent of Gladstone Mews properties at the time of their initial sale in 2014 was from £180,000 to £235,000. The sales price and rental costs are subject to change based on the market at the time.
Please note there will also be an additional service charge to cover building insurance, servicing of sprinklers, maintenance of communal areas and management fees.