You will need to make sure you have the appropriate contents insurance in place.
As your home is sold on a leasehold basis, it is always the landlord who insures the building.
heylo does not charge an estate fee or service charge, however if you are purchasing a property which has a service charge or estate fee this will be payable directly to them.
When you purchase a shared ownership property, you will only need to pay SDLT on the price of your share. Following the Autumn Statement, Chancellor Philip Hammond has confirmed that Stamp Duty is to be abolished for all First Time Buyers purchasing a shared ownership (Home Reach) property, valued up to £500,000. Your independent financial advisor (IFA) or your solicitor will be able to give you more information, and you should seek further legal advice for details.
heylo charge an annual fee for the management of your lease, this is collected monthly with your rent by direct debit.
In addition to your household bills, you will pay a monthly rent on the unpurchased share and your mortgage payments on the share you own (if you have one). Monthly rent starts at 2.75% per annum (on the value of the share you do not own) Rent will increase each year with inflation (RPI) + 0.5%. You will also need to pay an admin fee, your solicitors will be able to advise you on the exact costs.
There is no product fee to purchase a new build part-buy-part-rent property through Home Reach. You will be required to pay a reservation fee to secure your home. Please speak to the sales team at your development for more information on the reservation fee and when it will be payable.
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