How Much Will it Cost

The price you pay for buying your home will be the current open market value less the discount you are entitled to.

To work out the value we will ask an independent valuer to work out the open market value of your home.  (You can get an idea of what this will be from similar properties for sale in your area).  If you are not happy with this valuation you do have the right to appeal to the district valuer – this will be the final valuation and could be more than the original value.

The discount is currently fixed at £9,000 for Kirklees, Wakefield and Rotherham.

Buying your home is a major financial commitment.  In addition to the purchase price of the property you will need to pay certain initial costs. These may include:

• Mortgage arrangements.Fee and valuation if you are going to get a mortgage
• Legal Fees.The cost of a solicitor to deal with the purchase for you
• Survey Fees.You should ask a qualified surveyor to carry out an independent survey
• Land Registry.Registration fees
• Stamp Duty.If the value of your property is over £125,000 you have to pay from 1% in stamp duty
• Deposit

Ongoing costs of ownership

Mortgage payments

Unless you buy the property with cash, the cost of a mortgage can vary substantially depending on what offer you get. It is important for you to know and realise that the amount you have to re-pay may vary with interest rate changes.

Changes in interest rate (repayment mortgage)

The following table gives you an idea of how much repayments would vary based on borrowing £100,000 over 25 years

You will be responsible for paying your council tax.

Buildings Insurance

You should make sure that your home is insured for its full value against any type of damage.

Contents Insurance

You should make sure that the contents of your home are covered against any type of damage.

Life Insurance

You may prefer to take out a life insurance policy in case the main earner in the family dies before the mortgage is fully repaid

Mortgage payment protection insurance

This type of insurance can cover mortgage repayments for up to a specified period in the event of redundancy, sickness or accidents.

Utility Bills

You will have to pay your gas, electricity, water, etc.

Maintenance/ Repair costs

You will be responsible for organising and paying for all repairs and improvements to your home once you have bought it. This will include regular servicing of your central heating.

Service Charges

Charges for providing services or maintaining communal areas by Sadeh Lok