Guide to Shared Ownership brochure

A Guide to Shared Ownership

What are the costs?

What do I need to know? Defects - After you receive the keys to your new home, you may come across some things that may not be quite right. It is not uncommon for there to be teething problems in a new property. All our new homes have a ‘defect period’ which is a period of time where any defects that arise will be rectified by the builder. You should report these to bpha’s contact centre (0330 0272 1000) who in turn will report to the builder. The builder will contact you for access to rectify any defects. Please be aware that the defect period commences from when the property is passed to bpha from the builder and not the date you complete your purchase. You will be notified of the amount of time that you have left to report any problems. The length of the defect period will vary but it is usually between 12-24 months. At the end of the defect period, bpha will undertake a final inspection with you to check everything is still in order. When the defect period ends the repairs and maintenance of your home becomes your responsibility. It is important to remember that for something to be classed as a defect it cannot be caused by misuse by the occupier or general wear and tear. If you think you have a defect in your property you can contact our Customer Contact Centre on 0330 0272 1000 or email info@bpha.org.uk and they will be happy to advise you if the issue is covered. If it is, they will arrange a repair within an appropriate timescale.

The following are what you should allow for when considering buying a home: Legal fees – to your solicitor or conveyancer. Survey and valuation fees – to the mortgage lender. Reservation fee – this may be paid to bpha upon reserving your home and will be deducted from the purchase price on the day of completion. Processing Fees – bpha charge a fee upon reservation to cover costs such as credit checking.

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