Legal Fees for Shared Ownership New Build Property

955kelly · 14 October 2013 at 6:05PM

Hi All
I'm currently looking at purchasing a 50% share of a new build property, I was wondering if anybody knew what sort of cost the legal fee's would be for this type of purchase? The share we are buying is £82500.
Many Thanks

chanz4 · 14 October 2013 at 7:59PM

£600-£900 their abouts,

gazfocus · 15 October 2013 at 9:21AM

In addition to the legal fees, you may also have to pay stamp duty. When we bought our shared ownership house, we found out that even though you're only buying 50% of the house, you may be responsible for stamp duty on the full amount.

jacobtheamish · 15 October 2013 at 9:31AM

You have the choice with regards to stamp duty land tax, you can pay based on your share or the full amount. If you are looking to staircase in the future, you may find it beneficial to pay stamp duty on the full amount. Particularly worth considering if the property is borderline on a threshold, i.e 245k, as it will likely increase over the 250k threshold in the future you could save some money paying up front.