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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 £500.00
Survey and / or valuation on property £500.00
Solicitor’s fee ( including VAT) £900.00
Local authority searches (including VAT) £77.50
Land registry (including VAT) £270.00
Bank transfer fee (including VAT) £42.00
Production of a shared ownership lease (including VAT) £90.00
Stamp duty @ 1% of a property valued at £100,000 (see notes below) £1,000.00
Total estimated purchase costs £3,379.50

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.