The fee for Co-Own is paid in two stages:
- Assessment fee: £100 is payable when you apply and we assess your financial position.
- Property fee: £475 is payable when you upload your property details, this covers your valuation fee and most of the legal fees involved in purchasing your home.
Once you become a co-owner you will pay a mortgage to a lender on your share of the property, and rent on our share of your property, this is set at 2.5% or £25 for every £1,000 we own.
This rent is reviewed annually in line with inflation and is set by the Department for Communities who regulate Co-Ownership.
You can choose to set your Direct Debit up for either the 1st or the 10th of the month. Your rent will also be adjusted for any changes at the annual review each April.
The amount of rent you pay will depend on the value of your home and your share of it. The Department for Communities sets the annual rent charge which is currently 2.5% of the value of the Co-Ownership share of your home e.g. if your home is valued at £120,000 and you own 50% the annual rent is £1,500 or £125 per month.
- Rent is charged from the day of completion in the month that you join Co-Own.
- If there is ground rent due on your home we will add this into your rent. Please be aware that you should pay any management company or service charges directly to them.
- Rents are reviewed annually in April and linked to the Retail Price Index. If your rent is going to change we will let you know this in advance. Rent is paid via Direct Debit.
This table shows examples of how much monthly rent you could expect to pay depending on the price of the property and the share you hope to buy. For the full rent table please click here.