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Step-by-step guide
How to buy a shared ownership home
Shared Ownership gives first time buyers and those that do not currently own a home the opportunity to purchase a share in a new build property. You pay a mortgage on the share you own, and a subsidised rent on the remaining share. Because you only need a mortgage for the share you buy, the amount of money required for a deposit is a lot lower when compared to the amount that would be required when purchasing outright.
You have the option to increase your share during your time in the property via a process known as ‘staircasing’, and in most cases you can staircase all the way to 100%, thereby owning the property outright. Shared Ownership properties are always leasehold.
Take the journey with us and follow the steps below through our buying process...
Step-by-step guide
Step 1
Who can buy a shared ownership home?
To qualify, your household income must be £80,000 or less for homes outside of London boroughs and £90,000 for homes within London boroughs, and you can’t already own a home.
Register
If you meet the criteria above, take a look at our current developments available with Shared Ownership and register your interest.
Step 2
Viewing
Arrange a viewing at your chosen development by getting in touch with our Sales Team.
Reserve a property
Our Sales Advisor will ask you to complete an application form to check that you’re eligible to buy. If we are able to offer you a home, the Sales Advisor will take you through the reservation process and will answer any questions you may have.
Step 3
Apply for a mortgage
We have a panel of partner IMAs that are experienced in arranging shared ownership mortgages. Usually your mortgage application meeting will take place between 9am and 5pm Monday to Friday so be sure to allow time to attend this.
Exchange of Contracts
Once your lender has provided a mortgage offer and your solicitor has received replies to their questions on the lease, you will exchange contracts, which means you’re legally committed to buying your home and we’re committed to selling it to you. Usually this occurs whilst the home is being built and should happen 28 days after you have instructed your solicitor to go ahead.
Step 4
Completion and move in!
Once your home has been built and all building documentation received, your solicitor will confirm a date that your purchase will go through and you can move in to your new home. This is also when your solicitor will contact your mortgage provider to release monies for your home and provide you with a statement of fees associated with the purchase.