We’ll always be open about any charges, so you know what to expect.
What charges do I pay with Shared Ownership?
If you are a Guinness Leaseholder, or you are looking to buy a Guinness Home, you need ot be aware of the, additional charges will apply which may apply,
- Obtaining a new mortgage offer
- Selling your home
- If a shared owner and looking to buy furhter shares (staircasing)
- Obtaining consents for works to your home or applying for pet consent
Other Charges:
You will pay, us an admin fee for the work we do in selling / processing your resale, this will vary depending on whether you have sold, within or outside of the nominations period (explained below) you will also pay our solicitors fee (£390) and you will also have to arrange for and pay a RICS valuation fee and cover your own legal costs. If you are staircasing at the same time, a staircasing fee will be applicable (please see relevant FAQ below)
During Nominations Period: Cost: The maximum amount specified in the lease. This is usually a percentage of the market value of the home. If it’s not specified and we find a buyer, then it will be £1,200 (including VAT).
Outside of nominations Period: Cost: £540.
The above fees are payable by the existing owner who is selling their home.
The buyer will be responsible for notifying us they have completed their purchase, this is normally provided by your solicitors and may be referred to as a: Notice of transfer / charge / assignment Cost: £150.00 you may also be required to provide a Deed of Covenant, the Cost: £36.00 and if Guinness are asked to provide a Certificate of Compliance the cost is £150.00.
Please note there may be further charges payable, if additional information is required for example, Licence to make alterations and improvements to your home.
Cost: £150
Explained: Any re-mortgage of a Shared Ownership home requires our approval.
Cost: £150
Explained: If this is required as part of a re-mortgage approval or further advance, then just one admin fee is payable.
Cost: £150
Explained: This is included as part of the Shared Ownership resales admin fee, and applies to Leaseholders who own 100% leasehold.
Cost: £150
Explained: This is for further borrowing on a mortgage, which would not be applicable to shared ownership and therefore applies to Leaseholders who own 100% leasehold.
Cost: The maximum amount specified in the lease, plus an additional £390 solicitor fees.
Explained: The seller will be responsible for the leasehold management pack at a cost of £350.00. We reserve the right to charge an additional cost of £250.00 if significant enquiries are raised subsequent to the management pack being provided.
The buyer will be responsible for notifying us they have completed their purchase, this is normally provided by your solicitors to us and may be referred to as a: Notice of transfer / charge / assignment Cost: £150.00 the buyer may also be required to provide a Deed of Covenant, the Cost: £36.00 and if Guinness are asked to provide a Certificate of Compliance the cost is £150.00.
Please note there may be further charges payable, if additional information is required for example, Licence to make alterations and improvements to your home.
Cost: £350 plus solicitor and RICS valuation fees (to be confirmed at time of application) please not this is the administration cost and does not included the cost of the lease extension.
Cost: £150 plus solicitor fees (to be confirmed at time of application).
Explained: When changes need to be made to a lease, transfer agreement, or conveyance plan.
Cost: £250
Explained: Buying more shares in a Shared Ownership home.
This is paid for the by the existing owner, and if you are selling your home at the same time, this fee will also apply.
Cost: £100
Explained: You will be able to obtain a copy from UK Land Registry for less. Alternatively, you may be able to get a copy from your mortgage lender or the solicitors who acted for you when you bought your home.
Cost: £250 (initial application only)
Explained: Depending on the complexity of the work, there may be additional costs. This may include solicitor and surveyor fees, as well as costs if changes to a lease are required.
Looking for financial support?
We know that sometimes managing your finances can be difficult. Changes at work, in your family or with any benefits can make it more difficult to make ends meet. And this makes it harder to pay important bills.
If you have a mortgage, this is a contract between you and your bank or building society. If you fall behind with your payments, the bank or building society may take possession of your home. If your rent or service charge is in arrears, this could also put your home at risk. Please contact The Guinness Partnership as soon as possible if you’re struggling with your finances.