We know that selling or buying a resale Shared Ownership home comes with a lot of financial considerations. To help you navigate your journey, we've broken down the main costs in the tables below.
Sellers Fees
What is it?
The amount we charge for supporting with the sale of your home.
When is it paid?
At completion.
Amount
If sold within the nomination period: 1% of the share plus VAT
If sold outside of the nomination period: £240 (inclusive of VAT)
For more information on selling your Shared Ownership home, click here.
What is it?
The amount paid to a Royal Institution of Chartered Surveyors (RICS) qualified surveyor to provide the current value of your home.
When is it paid?
Directly to the provider at point of service.
Amount
This will vary based on type of valuation, property size and location, the RICS surveyor used etc.
A list of surveyors we often work with can be found here.
What is it?
A mandatory document that measures a buildings energy efficiency.
When is it paid?
Directly to provider at point of service.
Amount
EPC's are valid for 10 years - you can check the status of your EPC on the Government website.
If your EPC is out of date, our partner agency NicheCom could help you get a new one, or alternatively you can find more details about finding an assessor on the Government website.
What is it?
The fee payable to us for providing your buyer and their solicitors with leasehold information related to your home.
When is it paid?
South & West customers: payable on completion.
London & Hertfordshire customers: payable on request.
Amount
House: £120 - incl. VAT
Flat: £200 incl. VAT
Additional charges may apply if SNG are not the management company. If there is an external management company this will be detailed to your solicitor.
What is it?
Freehold management enquiries - a standardised document which details estate rent charges, service charges, insurance etc.
Additional leasehold enquiries - further questions raised by the buyers solicitor following receipt of the management pack.
When is it paid?
South & West customers: payable on completion.
London & Hertfordshire customers: payable on request.
Amount
Freehold management enquiries: £120 incl. VAT
Additional leasehold enquiries: £96 incl. VAT
What are they?
NHBC certificate - a warranty for new-build homes.
Copy of lease - a legally binding contract between SNG and you.
Amount (to supply)
NHBC certificate: £20 incl. VAT
Copy of lease (if held on file): free of charge
Copy of lease (if obtained from HM Land Registry): £20 incl. VAT
Buyers Fees
What is it?
When you buy a resale Shared Ownership home, we will need to check that your mortgage offer meets certain eligibility criteria before approving it.
When are they paid?
At completion.
Amount
£90 (inclusive of VAT)
What is it?
When you buy a resale Shared Ownership home as a cash buyer, we will need to check that the source of your funds meet certain eligibility criteria.
When are they paid?
At completion.
Amount
£36 (inclusive of VAT)
What is it?
There are three possible transfer fees that may apply, these are: Notice of Transfer, Notice of Mortgage and Certificate of Compliance. Please check with your solicitor which fees apply to you.
When are they paid?
At completion.
Amount
£48 each (inclusive of VAT)
What is it?
A tax you pay when you purchase any property in England.
When is it paid?
At completion. You’ll have the option to pay your stamp duty in full, or on the share being purchased - further information relating to Stamp Duty when staircasing can be found here.
Amount
Dependent on % share purchased and the homes value.
For further guidance, speak to your solicitor or visit the government website.
Ongoing costs of ownership (buyers only)
What is it?
Money borrowed from a financial institution (bank/building society) to part fund the purchase.
When is it paid?
Monthly.
Amount
Varies depending on sum of monies borrowed and the motgage product.
Will it change in the future?
Subject to change depending on the terms of the mortgage product, overpayments or staircasing.
What is it?
Money that is paid to the landlord on the share of the property they own.
When is it paid?
Monthly.
Amount
Subject to property value and % of ownership. Reviewed annually.
Will it change in the future?
Yes, it will increase each year, subject to the terms of your lease. Rent will reduce if/when you staircase.
What is it?
The costs of maintaining communal areas, including any block or estate costs. For example, grounds maintenance, cleaning or repairs in areas that are shared with others.
When is it paid?
Monthly.
Amount
Development/property specific. Reviewed annually.
Will it change in the future?
Yes, reviewed annually based on the expenditure of the previous year. Service charges typically increase in line with inflation/cost of works.
What is it?
Household bills to cover items not provided by the landlord, e.g. Council Tax, utility bills, contents insurance.
When is it paid?
Monthly/quarterly/yearly.
Amount
Subject to individual household.
Will it change in the future?
Subject to change depending on tariffs and council rates.
What is it?
The costs paid by the shared owner to extend their lease term, including premium, solicitor's fee, valuation fee and admin fee.
When is it paid?
During lease extension process.
Amount
Extension premium varies based on property value and length remaining on lease.
Solicitor/valuation/admin fee: approximately £2000