This week saw the official start of spring and, as the weather starts to brighten up, so do our moods! While many of us see the start of the season as a prime opportunity to partake in a spot of spring cleaning, or to organise all of our clutter, there are also plenty of other…
Step by step guide to buying a Shared Ownership home
For first time buyers looking to get a foot on the property ladder, the world of alternative home ownership schemes can seem overwhelming. However, by following our easy step by step guide to buying a Shared Ownership home, you’ll soon see how straightforward the whole process really is!
- Firstly, create an account on Share to Buy – from here you can search for homes based on location, bedroom numbers, deposit amount and other key criteria.
- When you find a property (or properties) that you like the look of, click on the ‘Show Interest’ button. This will send your details directly to the housing provider who are selling the home.
- Once a viewing has been arranged and attended through the housing provider, and you’re sure you want to make that property your home, you can then put down a reservation fee. This will usually require a £200 deposit – however, the amount will vary depending on the provider.
- If you meet the eligibility criteria, the housing provider will then invite you to attend a financial assessment. A calculator provided by the Homes and Communities Agency will be used to assess what share in the property you can afford to purchase.
- Following the financial interview, you will know the share that you will be buying and the amount of rent you will need to think about your mortgage. You can see the mortgages that might be available to you via our Mortgage Comparison tool, and can apply for an agreement in principle. A broker will then check the affordability calculations and confirm your choice as suitable or offer alternatives.
- You will need to appoint a solicitor to do the necessary legal work. You can find specialist Shared Ownership solicitors and conveyancing professionals on the Share to Buy website.
- After the financial interview, the housing provider will issue your solicitor with a ‘Memorandum of Sale’, which summarises the details of your proposed purchase.
- When the time comes to exchange contracts, you will be legally bound to buy the home, and the housing provider will be legally required to sell you the property. At this time, you will also find out your ‘completion date’, or ‘completion on notice’ if you have bought an off-plan property.
- On the completion date, your mortgage lender will give your solicitor the money to buy your home. Your solicitor will then pass this money on to the housing provider’s solicitor. When this is done, you officially become the owner of the property!
- At the final stage, the housing provider will give you the keys so that you can finally move in to your new home and start making it your own.
Over 4,300 potential buyers attended the 10th London Home Show – the capital’s biggest event for first time buyers – on Saturday 3rd March. The free-to-attend event saw 47 exhibitors all under one roof. A range of Shared Ownership and Help to Buy providers, alongside mortgage brokers and conveyancing solicitors, offered free advice to thousands…
Help to Buy 101 | Help to Buy explained Potential buyers are often confused by the home buying process, especially when you add schemes such as Help to Buy to the equation. However, the whole process is likely much simpler that you think! So, take a breath and stop fretting. Read our Help to Buy…
Helping more first time buyers get their foot on the property ladder, Bellway Homes is giving house hunters the chance to secure a brand new home before they go on general release at their upcoming Help to Buy event. A selection of Bellway sites across London and Essex will be available to purchase off-plan, at…