What are the costs?
Purchase options
When you enter any property purchase there are initial expenses involved. You should seek advice from a mortgage adviser and from your solicitor to make sure you understand the financial and legal commitments that you will be required to make.
The following is an explanation of your initial expenses:
If you are raising a mortgage to buy your share of a property, your mortgage lender will arrange to have the property valued before they finally agree to lend you the money. A mortgage valuation fee is usually levied by lenders.
You have to engage a solicitor or licensed conveyancer to handle the purchase of your property on your behalf (this is called conveyancing).Your chosen solicitor/conveyancer will charge a fee for their services. You will also be required to give your solicitor money to pay for items such as:
- Land registration
- Stamp duty
- Searches
The above list is not exhaustive due to adhoc changes in property legislation and any additional work your mortgage lender may request your solicitor to undertake. Please ask your solicitor what other costs you will incur.
The above costs cannot be included in your mortgage. You must pay for these separately.
In addition to your mortgage, the monthly rent and service charges, you will have full responsibility for Council Tax and Utility bills, and all repairs to your property.
Sentinel will not carry out any repairs or maintenance to your property if it is a house. This applies whether you purchase a 50% share or 100% of the property. Purchaser’s of apartments will have full responsibility to carry out repairs inside their home but are not responsible for external and communal areas such as stairways, communal gardens etc. There will be a service charge payable by the purchaser to cover these costs. In the majority of cases, purchaser’s of houses will also have to pay a service charge for items like: Buildings insurance, maintenance of communal areas on estate, maintenance for un-adopted roads/ car-parking spaces etc. The service charge will not be related to the maintenance of the house.
Rental Options
When choosing to rent a Sentinel Homescope property you will be required to pay one months rent and service charge in advance and also one months rent and service charge as a deposit. These payments will be taken on the day that you move into your property and further details will be given to you at the point of reservation.
In addition to your rent and service charge, you will also be required to pay all your other household bills, eg. utilities and council tax, TV licence, contents insurance etc.
If you wish to discuss these payments further please call the Sentinel sales team on 01256 338800.