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What are the costs?

Shared ownership costs explained

Our SO Resi homeowners are important to us. We aim to build strong, lasting relationships by giving you clear information and being here to answer your questions at every stage. For starters, it’s important to understand each of the different shared ownership costs you pay when you buy a share of a SO Resi home. You pay some of these every month. Others are just one-off costs before you move in.

We've made some helpful videos about shared ownership with SO Resi – this one looks at the costs involved.

….What do I pay each month?

SO Resi homeowners have a set amount of outgoings each month. The amounts can change over time. It’s important to pay all the costs every month.

  • Your shared ownership mortgage payment
    This is for the money you borrow to buy your share of your home.
  • SO Resi payment
    This is for the share of your home that you don’t own.
  • Service charge
    This is to look after the shared areas of the build or development you live in.
  • Usual costs of owning a home
    These include household bills and the costs of repairs inside your home. 

…what are the one-off costs?

Before you buy a SO Resi home, there are some upfront costs. You can’t borrow money for these, so you need enough to cover your deposit plus at least £3,000 for other costs.

  • Your shared ownership deposit
    This is 5% or more of the value of the share of the property.
  • Solicitors fees and disbursements
    The fees are often around £1000. On top of that are disbursements, which pay for things like local searches. Your solicitor will give you a quote upfront.
  • Independent financial advisor fees
    An IFA can help you find the right mortgage for you. Their advice costs between £400 - £600 but could save you money in the long run.
  • Stamp duty
    This may not apply, but your solicitor can tell you more.
  • Reservation fee
    If you are buying a SO Resi new build home you will need to pay a reservation fee of £250, we will then refund it when you move in. 


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