Want to own more of your home?
We know how good it is to settle into a new place and get things exactly the way we want them. Bliss! But if you’re anything like us, it won't be long before you start thinking about what’s next. Something that can be really good to look forward to, is buying even more of your home – so you can make your way towards 100% ownership.
Our team often get asked about how much extra is a good amount. Well, the average extra share that people buy with us is 40%, but it’s up to you. The smallest extra share you can buy is 10%. Getting an idea of the costs helps lots of people decide, so we’ve put together a list of some of the things you need to think about – and pay for:
- Of course, your biggest expense is going to be for the extra share you buy. Say your home is worth £300,000 today, 10% extra will cost £30,000. If you have savings you could use them, but lots of people re-mortgage. That pushes your monthly mortgage payments up, but your So Resi payments (for the share you don’t own) will go down.
- To work out the up-to-date cost of your extra share, your home has to be valued by an independent RICS surveyor. We have a list of some who charge around £250, but you can choose your own if you like.
- If you are re-mortgaging, there’s usually a fee to pay to the lender. There are different deals out there, so do ask around.
- You’ll definitely need a solicitor to do the legal work – expect to pay from around £500.
- There might be Stamp Duty to pay. Your solicitor will let you know.
- You may need what’s called a ‘management pack’ for your solicitor or lender. It gives them lots of details about your home – things like service charges, repairs coming up and ground rent. We have a special team to get this pack together for you – at the moment the fee is £180.
Get £500 towards your costs!*
Thinking about buying a bigger share soon? You can get a very handy £500 towards your costs if you complete by 28 September 2018. Read the full terms and conditions.*
Contact the After Sales team on 0208 607 0550 for more information.
By Sushvinder Salan, Head of Aftersales So Resi
Look out for our regular postings to get the inside track on everything you need to know about Shared Ownership, from saving for a deposit to buying a bigger share and So Resi Plus.