Cost of Buying a Shared Ownership Home

Shared owners still have to pay many of the usual costs involved in buying a home, we've outlined the cost you can expect to page below:

Reservation fee

We will ask you for a £250 reservation fee to reserve your chosen home. When the sale goes through we put this towards your purchase payments. However, we cannot refund it if the sale does not go through.

Mortgage deposit and fees

Most mortgage lenders will typically ask for a minimum of 5% or 10% deposit towards the price of the share you want to buy. They are also likely to charge a valuation fee and administration fees.

In some circumstances mortgage lenders may accept a lower deposit, however Platform require a minimum deposit of 5% in order for you to meet our Shared Ownership requirements.

Legal fees

Solicitors charges can vary so it is best to get a few estimates. You will also have to pay Land Registry and local search fees, and may have to pay stamp duty depending on the value of the property. Please discuss the options with your solicitor.

After you've moved in

You also need to budget for the ongoing costs of owning a home.

Mortgage repayments

You will have to make monthly mortgage repayments to your lender. Depending upon the type of mortgage you have, these repayments may vary as interest rates change.

Rent

You pay a subsidised monthly rent to us on the share of your home which we own. The amount is reviewed on the 1st April each year.

Service charges

You will have to pay a service charge if your home has any facilities or communal areas which we maintain, such as shared entrance halls, lighting and grounds. Your service charge will also include your buildings insurance and your management fee.

Household bills

These include your council tax and utility bills for water, gas and electricity.

Repairs

We will arrange for any defects on new-build homes to be repaired during a set time period. After that time has elapsed, you will be responsible for arranging and paying for all repairs to your home.

Home contents insurance

We provide buildings insurance with the cost of your service charge but this does not cover your belongings. We strongly recommend you arrange your own home contents insurance.