Graham Naylor grew up in Worsthorne, a village on the outskirts of Burnley, Lancashire where he enjoyed art and music as well as an active outdoor lifestyle, exploring his natural surroundings, bmx-ing and mountain biking. After stints in Manchester and Australia, he moved to ‘the big smoke’ in 2005 to pursue his career as a…
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 if you see an offer your interested in contact the lender or arrange an appointment with a local independent financial advisor.
- 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 600 buyers attended L&Q’s first ever one-day East London Homebuyer Event on Thursday 11th July. Taking advantage of exclusive incentives on offer at the event, an impressive 20% of property applicants at the show made reservations on their dream home, totalling £15.5 million in sales. Designed to simplify the home-buying process, the one-stop shop…
Ahead of the upcoming London Home Show on Saturday 21st September, Share to Buy have teamed up with property vlogger, Jade Vanriel, to help inform and educate prospective buyers on Shared Ownership and Help to Buy, two alternative home ownership schemes aimed at helping first time buyers onto the property ladder. After her inspiring story…
No matter where you are in the UK, Shared Ownership can help you to take those important first steps onto the property ladder! Check out some of the latest new build and resale homes listed on Share to Buy with properties available all across the country. Shared Ownership homes in London The Rushgroves by L&Q. Studio, one and two…