Situated between Wanstead and Barking is our latest Shared Ownership development, Ilford Works. This dynamic East London property, which is just minutes from the City and the West End via public transport, features a selection of one and two bedroom apartments. However, it’s not only the great location that helps Ilford Works stand out from…
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.
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 Queenshurst Square by Wandle New Homes. One bedroom…
On Saturday 22nd June, leading developer L&Q is giving prospective buyers the first chance to view a fully dressed show home in Arber House at The Rushgroves – its new development of 387 apartments in Hendon, North West London. The two bedroom show apartment will give buyers a taste of what can be expected at…
Flowers are flourishing, the days are longer, and gin and Pimm’s are at the top of any drinks menu – summer is most definitely coming! To mark the change in the season, we’ve taken a look at some of the best ways to get your home ready for the warmer weather. Plants Whether you’d prefer…