Everything you need to know about Shared ownership from Home Reach
What are the costs involved with Home Reach?
You will need to pay rent on the share you don’t purchase, this is collected monthly via direct debit.
Rent rates are from 2.75% (on the share you don’t purchase) and increases annually by RPI + 0.5%.
You will need to pay a reservation fee to secure your Home Reach home.
Please speak to the sales team at the development for more information on the reservation fee and when it will be payable.
Lease management fee
The lease management fees for heylo homeowners will be £23.52 per month until 31/03/2024 and increases annually in line with RPI.
heylo as your landlord will take out buildings insurance for your property and recharge this back to you annually.
When completing your purchase, your solicitors will be able to advise you of the final cost for this compulsory insurance.
Estate Charge/Service Fee
You will need to pay the housebuilder directly for any estate or service charge fees associated with your home.
Please speak to the sales team at the development for more information on estate or service charge fees payable.
You will need to pay the rent and lease management fee for the remaining days of the month in which you complete and for the following month. This is not an additional admin or months rent, rent is payable in advance to allow time for your direct debit to be set up. Rent and lease management fee will be collected via direct debit in your third month.