Up-front costs

Professional RICS Standard Valuation Report 

You will want to make sure your chosen property is of standard construction, structurally sound, in good condition and is worth what you are being asked to pay. The price of a RICS Standard Valuation Report will vary depending on the value of the property, however, typically they cost around £200 – £500, this is paid at the point of instruction. Please speak to the Your Home team for more information.

Your Home product fees

Your Home fees are fixed at £1,100 + VAT for freehold properties with more than 125 years remaining. This covers the cost of our Your Home affordability assessment, application processing, legal fees incurred on our behalf to purchase the property before we sell it to you on a Your Home Lease. It also covers the cost of your local searches, including Local Authority, Environmental, Drainage and Water searches. This cost will be deducted at completion.

This is customary work associated with home purchase and should reduce the work and charges of your own solicitor.

Legal fees

You will need a solicitor to act on your behalf. Our panel of solicitors offer a competitive fixed legal fee and will clearly state any other costs (“disbursements”) payable at point of purchase (“completion”). You can of course use a solicitor of your choice if you wish.

Deposit on exchange

When you exchange on the home of your choice you will need to pay a cash deposit of 10% of the property value. If you are buying a 10% share this deposit will be your purchase price. If you are buying more than a 10% share this deposit will form part of your purchase price. The remainder will be payable at completion via your solicitor.

Rent on completion

There will be rent payable monthly in advance on the part you do not own – starting at 4.89% per annum on the value of the unpurchased share.

When you complete your purchase, you will need to pay any rent, lease management fee, buildings insurance and any service charges and ground rent due, between the time you complete and the end of that month PLUS the next full month. This will allow us time to set up your monthly Direct Debit.

Stamp duty land tax (“stamp duty”)

Property purchases and leases over 21 years with rent over certain values are subject to stamp duty land tax. Your solicitor will advise you of the current rate, the amount due on the property you wish to buy and how to pay it at completion. Typically, stamp duty payable under the Your Home lease is less than the amount that would be payable if you purchased the property outright.