We’ve put together answers to some of most frequently asked questions handled by our sales team.
What costs are involved when buying a Cerris Home?
A: For most of us, buying a new home is the most important purchase we will ever make, and also the most expensive. There are several additional costs to consider alongside the purchasing of your Cerris Home:
- Reservation Fee - In order to secure the Cerris Home, you will need to pay a £500 reservation fee. This fee is not a cost, as it will be deducted from the final purchase price. If you are unable to continue with the purchase, we may retain the fee either partly or in full
- Legal Fees - You will need to appoint a solicitor to act on your behalf during the property purchase and pay for their services. Many solicitors will charge a fixed fee plus VAT. In addition to your solicitor's services, there are several steps involved in a purchase which you will need to pay for via your solicitor. These are:
- Search Fee - This is paid to the relevant local authority for the search. The search is carried out by the local authority, who will liaise with your solicitor, and provides specific information about the property you are buying and the immediate surrounding area
- Land Registry Fee - A charge to register the change of ownership to you and the housing provider as shared owners
- Stamp Duty Land Tax (SDLT) - SDLT is payable to the government if the value of the initial share of the property you are buying is over £125,000. You will pay stamp duty only on the amount over the £125,000 threshold. Your solicitor will be able to explain amount you will need to pay and will advise on which payment option is available to you
- Mortgage Arrangement Fee - You can apply for a mortgage directly with a lender or you can choose to obtain a mortgage through a broker. Some brokers charge a fee for arranging your mortgage while others offer their services at no cost. Most mortgage lenders charge a fee for the arrangement of the mortgage, which varies lender to lender
- Deposit - For all Shared Ownership purchases, you will have to pay a deposit. Housing providers will generally require the deposit to be at least five per cent of the purchase price of the property, although this can vary. The deposit is paid to the housing provider when the exchange takes place. You pay the deposit to your solicitor and it will in turn be paid to the housing provider
- Removal costs - You will need to move your belongings into your new Cerris Home. To do this, you can either use a removal firm or hire a van