Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • me1234567
    • By me1234567 16th Jul 17, 9:06 AM
    • 59Posts
    • 16Thanks
    me1234567
    How much saved to think about shared ownership
    • #1
    • 16th Jul 17, 9:06 AM
    How much saved to think about shared ownership 16th Jul 17 at 9:06 AM
    Hi all

    I know there's a lot of people that really hate the idea of shared ownership out there but we think it may be right for us.

    We have savings but have never brought a property before or a share so are trying to find out what sort of savings do people advise for you to have to cover it all? I.e deposit (looking at about 5% which would be around £3500 for the property we would look at), fees and moving costs etc.

    We do already live in a rented house so have got all of our furniture etc so that's not really a big cost.

    Looking into it for next year maybe and have been doing a lot of reading up on it but just can't seem to find an answer for total savings

    Help is really appreciated

    Thanks
Page 1
    • SuboJvR
    • By SuboJvR 16th Jul 17, 10:12 AM
    • 458 Posts
    • 325 Thanks
    SuboJvR
    • #2
    • 16th Jul 17, 10:12 AM
    • #2
    • 16th Jul 17, 10:12 AM
    Afraid I don't know for sure but I imagine solicitors fees will be similar, up to £1500 maybe more.
    Removal costs if using for all your furniture depending on distance anywhere from £500-1500 if local ish.

    These are two things that I'm sure will apply in some form.
    • teddysmum
    • By teddysmum 16th Jul 17, 1:13 PM
    • 8,623 Posts
    • 5,098 Thanks
    teddysmum
    • #3
    • 16th Jul 17, 1:13 PM
    • #3
    • 16th Jul 17, 1:13 PM
    Removal costs if using for all your furniture depending on distance anywhere from £500-1500 if localish.
    Originally posted by SuboJvR


    If for a fairly local move, DIY with a hired van would be much cheaper. ( probably less than £150+fuel)
    • me1234567
    • By me1234567 16th Jul 17, 3:08 PM
    • 59 Posts
    • 16 Thanks
    me1234567
    • #4
    • 16th Jul 17, 3:08 PM
    • #4
    • 16th Jul 17, 3:08 PM
    DIY would probably be the way we would go. Not to afraid of living and moving bits ourself have done plenty of family moves lol
    • nikanika0
    • By nikanika0 16th Jul 17, 6:40 PM
    • 122 Posts
    • 1,378 Thanks
    nikanika0
    • #5
    • 16th Jul 17, 6:40 PM
    • #5
    • 16th Jul 17, 6:40 PM
    I bought in Nov '16, single applicant, 40% share, 17% dep (£19K) - no less than 15%! solicitor £1700, no stamp duty for me, no mortgage fee, broker paid by a bank, £500 paid back by a bank, local move, £4000 spare just in case.
    • Tardis4
    • By Tardis4 17th Jul 17, 2:03 PM
    • 17 Posts
    • 111 Thanks
    Tardis4
    • #6
    • 17th Jul 17, 2:03 PM
    • #6
    • 17th Jul 17, 2:03 PM
    Solicitor fees are the highest after the deposit - think bit over £1000 for us? £40 to hire a van for a day (:
    • gazfocus
    • By gazfocus 20th Jul 17, 10:02 AM
    • 1,907 Posts
    • 480 Thanks
    gazfocus
    • #7
    • 20th Jul 17, 10:02 AM
    • #7
    • 20th Jul 17, 10:02 AM
    It depends where in the country you live but the solicitors have to deal with your vendor and the housing association that will own the other 50% so are usually a little higher than if you were just buying a house outright.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

254Posts Today

1,458Users online

Martin's Twitter
  • Nice debating with (all but the rude ones) of you. Bedtime for me now. Goodnight #bbcqt

  • RT @kevmthomas: @MartinSLewis It was a comment you made about the referendum being a binary choice on a non binary issue that helped me rea?

  • To clarify this. Cameron's gamble that having a stark vote'd mean his team won. He gambled wrong (that's not a stat? https://t.co/NSCT3aKvGS

  • Follow Martin