Shared ownership costs

There has been an increasing demand for shared ownership homes, as more home hunters realise the many benefits that come hand in hand with purchasing a property this way.

Of course, as you’d expect from buying any new home, shared ownership or part buy, part rent as it's also known, comes with certain costs to consider, and it’s important you’re aware of these before you decide to invest.

We’ve created a guide outlining everything you need to know about shared ownership costs.

The deposit

Just like you would with any property, you will have to put down a deposit when buying a shared ownership home.

The amount you will pay depends on the share you are buying at the time of purchase and, as properties come in all different shapes and sizes, this can vary significantly.

As a general rule of thumb, you can expect to pay a deposit between five and 10%.  For example, if you were purchasing 25% of a property that is worth £200,000, your share would be £50,000.

Therefore, if a five percent deposit was required to secure the property, you would need to pay £2,500, which is significantly more affordable than the deposit required to buy a private property.

Solicitor fees

When buying any property, you’ll need a solicitor to deal with the legal side of things. We can recommend a solicitor who’ll give you a great service while keeping your costs transparent. This means you’ll be aware of any fees right from the start of the process, with no hidden costs.

The vast majority of mortgage brokers involved in the sale of a shared ownership property will not charge a fee. We can provide a list of brokers who understand the shared ownership process inside out, so please speak to your Sales Officer if you need assistance.

Stamp duty

Anyone completing a main residence costing up to £500,000 between 8 July 2020 and 31 March 2021 won’t pay any Stamp Duty at all. Now is the ideal time to take advantage of the Stamp Duty holiday.

Service charges

Finally, don’t forget to factor in service charges when it comes to figuring out your monthly outgoings. These payments are paid directly to the housing association and cover insurance of the building, maintenance and repairs to communal areas and even grounds maintenance, as well as the provision of lighting, door entry systems and lighting.

How much you will pay depends on the housing association. You can expect these fees to go up or down each year depending on economic changes to the property market.

Why choose VIVID?

Here at VIVID, we’re a leading provider of affordable homes and housing-related services in the south of England.

We can help you with all of your shared ownership property needs. If you have any questions about shared ownership and how this buying option can benefit you and your family, please do not hesitate to get in touch.


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