Ok, this all sounds great but what happens now?
If you feel that now is the time to step onto the home ownership ladder and that Shared Ownership is the right route for you, you will be asked to go through the process of application. It is a straightforward application process that will give us enough information to proceed.
We will carry out checks and ask for various documents to prove your income, financial position, identity and if required your local connection. We will need a copy of your credit report (for identification purposes) and may ask for references if needed. We will need proof of your deposit or any money that is being gifted to you by someone else. We will also ask that you carry out a mortgage assessment if you are buying using finance. This is called a DIP (Decision in Principal) or an AIP (Agreement in Principal) from a company called The Mortgage People (TMP). TMP will also carry out a financial assessment to work out if you are able to afford a Shared Ownership property and assess what percentage you are able to buy.
You will need to contact TMP even if you do not need finance for the purchase.
What is the process?
- Register with Help to Buy South
Help to Buy is the government agency that oversees all Shared Ownership applications and process.
- Complete the Registration of Interest Form
and let us know the property you are interested in.
- Complete the Financial Assessment
obtain an 'Agreement in principal' (AIP) or a 'Decision in principal' (DIP)
if necessary - contact The Mortgage People (TMP)
- Return all the requested documents to us
so we can assess your application fully - we will need all the information within 7 days so get your skates on!
- We will send you an offer
as long as everything is in order, we will send you an offer of a property.
- Pay your £250.00 reservation Fee
this will secure your new home!
- Arrange your solicitor
choose a solicitor who you want to carry out all of your legal checks - ‘conveyancing’. It is best to choose someone who knows about Shared Ownership Property Purchase, this will make the process easier.
- Complete your reservation form
this will confirm all the details of the property and gather your final bits of information. This must be returned to us within 3 working days or your reservation fee will be returned to you.
- Instruct your solicitor
your sales coordinator will do this for you.
- Apply for your mortgage
your mortgage adviser / bank will help with this.
- Follow instruction from your solicitor
this will include reading and signing paperwork, including your lease, and paying your deposit.
- Exchange contracts
our solicitors will sort this out.
- Complete the sale and get your keys
we will meet you at your new home to give you a handover and take meter readings.
- Move in and celebrate.
