Initial Costs
Before you are able to complete the purchase and move into your new home, you will need to be able to pay for the following;
- A Valuation Report - your building society/lender will wish to arrange to have the property valued.
- Property Survey - if the property is not new, you may wish to have your own independent survey, which you must pay for.
- Legal Fees - you are advised to instruct a Solicitor to help you with buying your share.
- Reservation Fee - Rosa Homes require purchasers to pay a reservation fee to reserve a property at allocation stage. This reservation fee is refundable on completion.
- Mortgage Balance - you will probably need to obtain a mortgage to pay for your share of the full value. Many banks and building societies will only loan 90-95% of the total required and you will be expected to find the balance. If your mortgage is over 95% of the total required it will need to be approved by the Rosa Homes Management team.
- Stamp Duty - this may be applicable. Please ensure your Solicitor advises you correctly.
- Mortgage Guarantee/Protection Insurance - you may find that building societies and banks insist that you take out insurance to cover certain risks.
For example:- The value of your property drops below the amount which has been loaned to you (Mortgage Indemnity Insurance).
- You lose your regular source of income as a result of unemployment, sickness or accident (Mortgage Protection Insurance).