Prices and Costs
What will it cost me at first?
The main costs involved are:
If your application is approved for a property of your choice then you will be required to provide a deposit of £500 to hold the property whilst you arrange your mortgage. If you are not able to obtain a mortgage within 6 weeks then your deposit will be refunded and the property offered to another applicant.
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. So 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. However, as a general guide, you should allow around £500 to £800 for solicitors fees.
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, we will ask you to pay a minimum of 5% deposit (some mortgage providers will require you to pay a higher % of deposit). This will be added to the holding deposit you have already paid us.
When you complete your purchase, we will take out of the money you have paid us:
- Any rent and service charge due for the time between completion and the end of the month, and
- One full month's rent and service charge in advance
Price and rent of Gladstone Mews properties (as at their time of sale in 2014)
The sales price and rental costs are (these prices are subject to change based on the market at the time):
|Plot No||Type||Open market value||65% share for sale||Monthly Rent on 35% share|
|1||Three Bed Detached||£235,000||
|2||Two Bed Bungalow||£192,000||£124,800||£112.00|
|3||Two Bed Semi Detached||£190,000||£123,500||£103.60|
|4||Two Bed Semi Detached||£190,000||£123,500||£103.60|
Two Bed End of Terrace
|6||Two Bed Mid Terrace||£180,000||£117,000||£100.80|
|7||Two Bed End of Terrace||£190,000||£123,500||£103.60|
|8||Two Bed End of Terrace||£185,000||£120,250||£103.60|
|9||Two Bed Mid Terrace||£180,000||£117,000||£100.80|
|10||Two Bed Mid Terrace||£180,000||£117,000||£100.80|
|11||Two Bed End of Terrace||£185,000||£120,250||£103.60|
Please note there will also be a small additional service charge to cover building insurance,servicing of sprinklers and maintenance of communal areas.