Service Charge
This will cover the costs of the management company appointed to look after the communal areas of the building, usually associated with apartment blocks or serviced properties. This can include repair and maintenance costs, gardening and cleaning. The actual costs will be set out in the service charge schedule applicable to property detailing the level of provision and indicative costs including the management fee.
Estate Charge
This is usually applicable on the new developments were there is a company responsible for the upkeep of the estate like maintaining the public open space, play areas or lighting. This charge is collected from all dwellings on the development.
Mortgage Repayments
You will normally have to pay off your mortgage by monthly instalments to your lender. The actual amount that you will have to pay will depend on a number of factors including the amount you borrow and the type of mortgage you take out. There are many different mortgage products available such as fixed rate, variable, tracker and interest only. We suggest that you seek independent financial advice when organising a mortgage to get the best advice on which product is best for your individual circumstances.
Mortgage Indemnity Insurance
Is an insurance policy that your mortgage lender will take out which will protect the money that they have lent you to buy the property. Not all mortgage lenders will charge this fee but it will be a protection for the money if you are unable to keep up the mortgage repayments.
Rent
On some properties there is a rent charge which is paid to Connect Housing on the share of the property that you do not own. This rent will be proportional to the outstanding percentage and will be increased every 1st April by a formula which is set out in the lease. Getting behind with payments, click here?|
Utilities
Once you have moved in to your property you will be fully responsible for setting up accounts and payment for the utilities such as gas, electricity and water. Please contact your provider for further details.
Telephone & TV
You will be responsible for any other services that you make use of in your property such as a telephone line, TV Licence, Sky or internet connections. You will need to arrange these services yourself and enter into any of the respective companies agreements.
Council Tax
This is a fee payable to your local authority calculated on the value of your property. This money contributes to the day to day provision of services offered by the local authority such as emergency services, refuse collection and the maintenance of public roads.
See: www.voa.gov.uk/council_tax for further information|
Insurance - Contents Insurance
As the Leaseholder of the property you will be fully responsible for organising your own contents insurance for your belongings. This insurance should cover the contents of your home such as your furniture, carpets, electrical equipment and possessions against damage, loss or theft. Dependant on the different policies which are available will affect the level of cover which you receive.
Insurance - Buildings Insurance
Many of the shared ownership properties will be covered by Connect Housing under the block policy. The premium is payable directly to Connect Housing either as a separate charge or as part of a service charge. The buildings insurance will cover the main structure of your property against its damage through theft or attempted theft, subsidence, acts of nature such as floods and fire. For full details on your level of cover please refer to your individual schedule.
Link to CAB Advice: www.adviceguide.org.uk/c_buildings_insurance.pdf|
Repairs & Maintenance
As a shared owner you be fully responsible for the property, the same as if you were the 100% owner. This will include full responsibility for all repairs and maintenance and to keep the property clean and in a good and substantial level of repair and condition.
If you are planning on doing any major works such as alterations to the structure (conservatories, extensions) we ask that you obtain written permission from the association before you commence this work and obtain relevant certificates and guarantees from qualified trades-people where possible.
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