What are the costs associated with Home Reach?

Costs

Rent

You will need to pay rent on the share you don’t purchase, this is collected monthly via direct debit.

Rent is charged at 2.75% (on the share you don’t purchase) and increases annually by RPI + 0.5%.

 

Reservation fee

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.

 

Admin fee

heylo charges a monthly admin fee for managing your lease, this is paid via direct debit with your rent. Your solicitor will be able to advise on the exact cost.

 

Building insurance

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.

 

On completion

You will need to pay the rent and admin 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 pay in advance to allow time for your direct debit to be set up. Rent and admin fee will be collected via direct debit in your third month. 

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