shared ownership and fees

Simba-ali34

hello,

i am just curious if anyone knows roughly how much fees are paid for a shared ownership property through a housing association? they gave me a list of financial advisers which will do a affordability check. after this stage im not sure how much else he would do and the rates from now until actually having the property?

regards

kingstreet

Mortgage broker fees you mean?

You would need to ask your shortlisted brokers. There's no way we can guess on here as it varies all over the country.

Christina_H.

We are currently in the process of buying a shared ownership property through a Housing association and have just been told by our Solicitor that we also have to pay the housing associations solicitor over £900😱 This was never mentioned before by the Housing association. We are purchasing 50% of the property and the sellers have their own Solicitor so I don't understand why a third Solicitor needs to be involved and we, the buyers have to pay for them. Please help :eek:

kingstreet

Is it a newbuild?

Is it the first registration/engrossment charges?

Christina_H.

It's an old build. The couple that are selling their share have been in the property for a long time.

Simba-ali34

the property i am looking at is a new build. never done this before

Simba-ali34

so my financial adviser said i passed the affordability test and they will forward the details onto the housing association. The property will then be awarded to whoever meets their criteria (or so they said)

The financial adviser who i spoke to today was one of the contacts on help to buys website and he says he can get me a mortgage in principal should i be accepted. My question is what happens if it all goes well and he is able to do that? whats the next step in terms of hiring a solicitor etc? Like i said above i have never done this before and dont really know the steps towards pushing it along? if it means anything its a new build property.

I have emailed the housing association but while i am waiting for a response can anyone lend any advice who has been through the stages of shared ownership?

Regards

Donnafon28

I am in the exact position as you! We are having a telephone conference with our mortgage advisor next Tuesday to hopefully get a mortgage in principle. I have emailed a local appointed solicitor to find out their fees. I keep laughing to myself that this is a help to buy scheme yet lacking help!! Keep us updated on any info your end x

Simba-ali34

Hey,

Glad it's not just me! Lol. So I am assuming mortgage advisor is the same as financial advisor right? Or atleast very simular? Then you use a local solicitor to do the legal parts? Just trying to get my bearings so I am not caught out if we are accepted lol

NOVAMET21

Simba-ali34 wrote: »

hello,

i am just curious if anyone knows roughly how much fees are paid for a shared ownership property through a housing association? they gave me a list of financial advisers which will do a affordability check. after this stage im not sure how much else he would do and the rates from now until actually having the property?

regards

The only fees that you will be paying is the solicitor fees and mortgage advisors/ broker fees. I have bought SO property 2 times and both new build. So it was buying directly from the HA rather than seller. Not sure if they will charge any admin fees if you are buying a re-sale SO property though.

NOVAMET21

Oh also not to mention that if the property is a new build, they normally give you the free carpet or cash. We received free carpet for the first house and £750 for the second house. So enquiry this if you already haven't.


You will also have an option to either pay the stamp duty now or in the future. If you are not planning to stay and stair case to 100% then no point in paying stamp duty now.


Not sure how true it is but I read it from gov.co.uk so must be true. The rule is if you opt out not to pay the stamp duty now then you don't have to pay it until you own more than 80% no matter how much you share is. However, if you are planning to stay put then maybe it is cheaper to pay it now but I guess there is no certain that you will stay there in 10 years time or 20 years time. Plus you will be more richer by that time and maybe able to afford the stamp duty.