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Costs of shared ownership
This page offers examples of payments and responsibilities in our shared ownership scheme.
The following figures should only be used as a guideline. Worthing Homes suggest that you make your own enquiries prior to making a decision on purchasing one of our properties.
Costs will vary according to the value of the property and to the amount of stamp duty paid at purchase.
| Item | Estimated cost |
|---|---|
| Holding fee / admin fee returnable if no property is offered | £250.00 |
| Survey and / or valuation on property | £350.00 |
| Solicitor's fee ( including VAT) | £450.00 |
| Local authority searches | £50.00 |
| Land registry | £150.00 |
| Bank transfer fee | £25.00 |
| Production of a shared ownership lease | £60.00 |
| Stamp duty @ 1% of a property valued at £100,000 (see notes below) | £1,000.00 |
| Total estimated purchase costs | £2,335.00 |
Stamp Duty
The example shows a property valued at £100,000 in the Worthing area (your share is 50%). For more details about stamp duty and the current thresholds please go to the Direct.gov website. You will find the information in the Money, Tax and Benefits section.
Running costs
Once you move into your property you will be responsible for the costs of running your home and there will be council tax, gas, electricity, water and service charges. These will be in addition to your monthly mortgage and rent payments.
Warning
Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it.
