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How much saved to think about shared ownership

me1234567
me1234567 Posts: 63 Forumite
in House buying, renting & selling
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 :)

Comments

  • SuboJvR
    SuboJvR Posts: 481 Forumite
    First Post Combo Breaker First Anniversary
    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
    teddysmum Posts: 9,471 Forumite
    First Anniversary Combo Breaker First Post
    SuboJvR wrote: »
    Removal costs if using for all your furniture depending on distance anywhere from £500-1500 if localish.



    If for a fairly local move, DIY with a hired van would be much cheaper. ( probably less than £150+fuel)
  • me1234567
    me1234567 Posts: 63 Forumite
    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
    nikanika0 Posts: 160 Forumite
    First Anniversary Name Dropper First Post
    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
    Tardis4 Posts: 33 Forumite
    First Anniversary First Post
    Solicitor fees are the highest after the deposit - think bit over £1000 for us? £40 to hire a van for a day (:
  • gazfocus
    gazfocus Posts: 2,374 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    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.
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