Fees & Charges

From initial payments to ongoing charges, there are a number of points that you should take into account with Shared Ownership. If you have any queries or questions, please do not hesitate to Contact Us for information.

You will need to appoint a solicitor to act on your behalf to complete the work involved in buying a home. In addition to their fees, your solicitor will be able to advise you of all other associated costs.

Mortgage Repayments
Many banks and building societies can provide mortgages. We recommend that you research and select a lender that is best suited to your needs and will guide you to an optimal decision on initial deposit and long term manageable payments.

LHA Occupancy Charge
The Occupancy Payment (or Exclusive Occupancy Charge) is a charge for the remaining value of the property which is leased from Loreburn. The higher the share you purchase, the lower the Occupancy Payment. This is similar to rent, but is reduced to reflect that you are responsible for all your own repairs and maintenance.

Service Fees
Depending on the design, purpose and level of communal facilities within your development, a fee is payable for required any communal maintenance such as communal lighting and grounds maintenance.
We will provide written notice annually, generally in February, to advise of the charge for the upcoming year and present an individual breakdown of what is included.

Management Fees
Management fees are incurred for factoring services where applicable.

Repair Fees
As a Sharing Owner you are responsible for all repairs to the property, both internally and externally.

Council Tax
You are responsible for paying Council Tax on the property.

Fittings and Furniture
You are responsible for supplying your own fittings and furnishings for your home.

Heating & Lighting
You are responsible for all energy and fuel bills.

In line with your mortgage and Deeds of Conditions, suitable insurance for the property should be taken out.
The two main types of cover that you should consider are Building insurance and Home Contents Insurance.
We recommend researching companies to find the most suitable Home Contents cover.

For Sharing Owners, Building insurance is provided by Loreburn Housing Association.