If you’ve decided to purchase your council-owned property and want to take advantage of the Right to Buy government scheme, this will help you to own your own home at a reduced price. However, there are still a variety of ongoing costs that you, as a homeowner, will be required to pay after you have bought your own home.
At Enact, we are a team of experienced conveyancers who have helped many people through the legal process of the Right to Buy scheme. That’s why we are here today to lay out the key costs you will continue to pay once your mortgage is secured.
Contents insurance
Contents insurance covers loss or damage to the items in your home which are not part of the building’s structure, such as jewellery, clothes or furniture. While contents insurance is not a legal requirement, it will help to protect you against eventualities like burglary or flooding.
Council tax
As a homeowner, it is your responsibility to pay council tax. Levied on households by the local authorities, council tax is based on the estimated value of your home and the number of people who live there. Your property may be revalued if you demolish or alter your property to make it into more than one unit; if you start or stop working from home, or if there are any major changes to your local area, such as a new road being built nearby.
Service charges
If you’re buying a flat, you will almost certainly have to contribute towards the maintenance, insurance and upkeep of the building as a whole, along with all the other flat owners. This is known as service charge and during the legal process your conveyancer will tell you how much you can expect to pay.
Costs and repairs
You may be liable to pay, even in part, the cost of repairs to facilities you share with your neighbours, such as the cost of repairing a shared pathway. It will also be your responsibility to maintain your home in terms of repairs and ongoing upkeep. Of course, this is not the full list of costs that come with being a home owner.
Buildings insurance
This is an essential form of insurance for anyone looking to buy their own home, although if you are buying a flat this will usually be covered as part of the service charge. This insurance will cover the full cost of rebuilding your home in the event of it being destroyed by fire or other events beyond your control.
Get in touch with us, today, and speak to one of our trained team of conveyancing experts who can offer further insights into the Right to Buy scheme.
