We estimate you will need a minimum of £3,000 to cover the legal and associated costs of purchasing. Below is a summary of these costs:

Mortgage - you will need to arrange a mortgage for the share you are buying. The majority of high street buildings societies or banks are able to deal with the new build HomeBuy mortgage applications. You will probably need a deposit of 5% (this means you need to have 5% of the amount you want to borrow). The mortgage company will survey the property and for this you will be charged a valuation fee. There may also be more costs associated with your mortgage application.

Stamp duty - You can either pay stamp duty land tax at each separate stage of your purchase - and pay as and when you buy each percentage block of the property. Alternatively, you can make a market value election and pay tax as if the property had been purchased outright from the start. You should speak to you solicitor for further advice on this before making this decision.

Go to the HM Revenue and Customs site to find current Stamp Duty rates

Legal fees - these are payable to a solicitor who carries out legal work on your behalf.

Land registry - this fee ensures you own the property. If you do not pay this you do not officially own your home.

Local search - the solicitor does this on your behalf. The search is to confirm whether or not any planning applications or development plans have been registered with the local authority which may affect the property you are buying.

Bankruptcy search - this process involves checking your credit rating to see if you have ever been declared bankrupt. If you were this would affect your application.

Engrossment of lease - this is the fee charged by the landlord's solicitors for preparing the lease.

Ongoing costs when you buy your home

Mortgage repayments - these are likely to be higher than the rent you now pay;

Buildings insurance - your mortgage company will insist that you have this;

Contents insurance - this is highly recommended in case of theft, fire, flood or other accidents;

Mortgage protection insurance - in case you fall ill or lose your job;

Life assurance - so your family can pay off the mortgage if you die;

Council Tax and water charges;

Charges for gas, electricity, phone, ground rent and service charges (if you buy a flat or leasehold property)

Repairs - You will also become responsible for all the costs of maintaining your home, including major repairs, routine repairs and improvements.