The Mortgage?

It is your responsibility to arrange the mortgage for the share you wish to buy. Most high street banks, building societies or financial advisers will be able to give you help and advice with this to arrange the best type of mortgage for your particular circumstances.

What will it cost?

As with any house purchase you will be responsible for paying your own legal fees, a deposit if required by your lender, a valuation fee and a stamp duty fee if your chosen property is valued at more than £125,000. Stamp Duty is usually in the region of 1% of the property value.

These costs are likely to be in the region of £2000 (excluding stamp duty).

Maintenance and Repairs Responsibilities?

Although you initially own a share in the property you are viewed as an owner occupier and as such you are responsible for all the repairs and maintenance which may be required to the property.

Can I sell?

Yes. Just because you own part of the property there is nothing to stop you form selling that share and moving on at any time. This is known as lease assignment.

If you so decide to move you will need to contact the relevant RSL and they will advise you of what to do next.

Can I make improvements or alterations?

Yes. You can improve and make alterations to your home. However, you must put your request in writing to your ‘landlord’ for them to make an assessment and to advise you accordingly.