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Want to be an Owner? You need to work out the costs
► Shared costs
As with any property purchase there are a number of costs involved when purchasing a Joint Equity home.
Some costs are shared between both Partners, according to the ratio of ownership, and some are borne by the Owner-Partner only. Equally there are some Investor only costs.
The shared costs include legal fees, land registry fees and stamp duty. Buildings insurance (commonly known as ‘bricks and mortar’) is also a shared cost.
► Owner-only costs
Owner only costs which are not shared include removal costs, insurance of your contents, decoration and general property maintenance costs.
Owner only costs which are not shared include removal costs, insurance of your contents, decoration and general property maintenance costs.
► No Joint Equity purchase fees
Joint Equity does not charge Owners any purchase fees, although we do charge a refundable Commitment Deposit.
This is only payable when you have found your home and apply for the mortgage, at which point we ask for this deposit to cover our out of pocket expenses if you decide to pull out and the purchase does not complete.
However, when you do complete the purchase the deposit is refunded in full and can be used to part-pay your solicitors fees etc.
► Joint Equity Sales fee
When you decide to sell your Share of the property there is a 1% Sales Fee but it is only of the value of your Share.
All fees are clearly defined in our Information Pack which you should read carefully.
In this section:
The Joint Equity Scheme is for first-time buyers, home owners and property investors.
This site is developed and maintained by Joint Equity ltd. ©Joint Equity ( 2007, 2008, 2009, 2010) 2011
Joint Equity Ltd works with City Mortgage Bureau to provide case studies & Illustrations to prospective Owner-Partners & Investor-Partners. Joint Equity Ltd does not carry out any regulated activities and so is not regulated by the FSA (Financial Services Authority). Joint Equity Ltd are introducer appointed representatives of
City Mortgage Bureau Ltd, which are authorised and regulated by the Financial Services Authority.
The content of this website is accurate to the best of our knowledge and for information only. We do not provide financial advice.
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