Is Right to Buy right for you?

Valuation and mortgage fees

We won’t charge you when we carry out the valuation of your property. If you buy it with a mortgage, the lender will charge you to do its own valuation. There is also usually a fee to pay when you apply for a mortgage.

Survey costs

We don't carry out a structural survey when you apply to buy your home, but we recommend that you get a survey done yourself by a qualified surveyor. There are different types of survey and the price you pay depends on how detailed the survey is.

Stamp duty

This is a tax you pay the Government when you buy a property. It is based on the property value. Your solicitor or financial adviser can tell you how much stamp duty you need to pay. Find out more about stamp duty on GOV.UK.

Legal costs and land registry fees

You will have to pay your solicitor or licensed conveyancer as well as anything they do for you when you buying a home. You may need to pay your mortgage lender's legal costs.

You will have to pay a Land Registry fee to register the ownership of your home. Your solicitor will usually talk to the Land Registry for for you.

Mortgage repayments

Mortgage interest rates go up and down. 

You should prepare for what will happen if your repayments increase because interest rates go up or you come to the end of a fixed interest rate period on your mortgage. Higher repayments could mean less money for bills or other commitments.

If you do not make payments, the lender can take legal action that could mean you lose your home.

Buildings and other insurance

Your home must be insured to cover the full cost of rebuilding it if it's damaged or destroyed by accident or natural causes.

If your home is a flat or maisonette, we will arrange buildings insurance cover and you will be charged through your annual service charge. You can't opt out of buildings insurance.

An 'excess' is the amount towards the cost of a claim you have to pay yourself and is paid on all building insurance

You are responsible for arranging your own contents insurance to protect your belongings from theft or other risks.

You should also consider:

• life insurance that pays the rest of your mortgage if you pass away
• mortgage repayment protection that pays your mortgage if you lose your job
• critical illness insurance that pays your mortgage if you can't work because of illness

You should get your own professional advice about types of insurance that are best for you.

Water, energy and council tax bills

If you buy your home, you have to keep paying your water, energy and council tax.

Repairs and maintenance

You are responsible for repairing and decorating the inside of your home. We will not do any repairs and improvements that we may have done for you when you were a tenant, like a boiler annual service, rewiring or upgrading the kitchen units.

Annual service charges

If you live in a flat or maisonette, you will have to pay a service charge for the services and repairs to your building and the estate that we do. These services are not covered by your council tax. You can't opt out of paying the service charge.

The service charge includes services such as caretaking, grounds maintenance, block lighting and repairs and maintenance to shared areas.

If your home has communal heating or hot water system, you will pay for this through your service charge. You will not be able to opt out or be disconnected from a communal system. 

Service charges change based on the type of property you live in and the number of services you get. Costs can change each year, especially for communal repairs.

Major works charges

If you live in a flat or maisonette, we may have to make major repairs or renewals to the building or estate. We have to check and repair lifts, roof coverings, electrical wiring and window frames as well as outside decorations regularly. These works are necessary and can be expensive.

In 2024, the average major works service charge in Islington was £3,700 but the highest charge billed was around £27,000.

You get expected service and major works charges in your landlord’s offer notice when you are given the valuation and purchase price of your home. You should look at these and make sure you will be able to afford them.

See more about paying you major works charges.