There are certain costs that you may need to pay in addition to the purchase price. These are:

Stamp Duty Land Tax

Property value band   Rate

£0 – £125,000                       0%
£125,001 – £250,000            2%
£250,001 – £925,000            5%
£925,001 – £1,500,000        10%
£1,500,001+                         12%

Solicitors Fees

The solicitors acting on your behalf will charge a fee. This is not a set fee but one that will vary. So it is advisable to shop around.

Mortgage Lender Fees

Your mortgage lender will usually charge you an administration fee and a valuation fee.

Surveys

We recommend that you have a full building survey before you decide to go ahead with the purchase.

Once you have purchased your share of the property your mortgage lender will want you to take steps to safe guard your property purchase.

This could include:

  • Life insurance
  • Mortgage payment protection insurance
  • Contents insurance

Building insurance will be taken out by Futures Housing Group to cover damage to the property in the event of a fire, storm damage etc.

If you do not maintain your mortgage or rent payments regularly, you could lose your home.

Once you have purchased your share of the property, you will be responsible for all of the maintenance and repairs of the property.

If you purchase a flat, the repairs and maintenance of the building and communal areas is our responsibility, whereas the internal maintenance is yours.

It is advisable that you make sure you have a contingency fund in the event that something does go wrong.

In addition to your monthly mortgage cost, you will also have to pay a monthly rent and service charge.

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