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Steps to buying a shared ownership home

  1. Register with Help to Buy: you will first need to register with Help to Buy by completing their online application process. Once completed you will receive your registration number which you can use to apply for a home. 
     
  2. Arrange a Mortgage Agreement in Principle: You will then need to arrange a Mortgage Agreement in Principle (sometimes known as a Decision in Principle) from a Mortgage Lender. This can be done by speaking directly to your lender of choice or by speaking to an Independent Financial Advisor.  
     
  3. View our homes and apply: Once you have both your Help to Buy registration number and your Agreement in Principle, we can then arrange for you to view some of our lovely homes. When you have found the right home we will ask you then to complete our Online Application form. 
     
  4. Reserve your plot:  When your application form has been approved, you can reserve a new home  by paying a fee of £250. Your reservation fee will hold the property within the timescales that we have agreed in order for you to obtain your mortgage and exchange contracts. This figure will then be deducted from the purchase price. 
     
  5. Secure a mortgage: Unless you are buying cash, you will need a mortgage. You may find it useful to review information from the Financial Conduct Authority whose advice may help you decide if you should go direct to a Lender or speak to an Independent Financial Advisor. Whichever you choose, you will then need to submit an application for your mortgage to your chosen lender. The lender will arrange a mortgage valuation for you and progress your application to the point where they agree to lend you the money, this is known as a Mortgage Offer which they will forward to you and your solicitor. As soon as you receive this, you will need to forward it on to our team.   
     
  6. Instruct a solicitor: We can provide you with a list of solicitors who are experienced in dealing with shared ownership, or you can choose your own. Once you have instructed your solicitor to proceed and advised us of their contact details, we will then send them all the details of your purchase. The document we send to solicitors is known as a Memorandum of Sale. 
     
  7. Exchange of contracts: Once your solicitor has read through the contract and lease for your purchase and is happy with the documentation, we can then exchange contracts. You will sign a contract agreeing to buy a home and we will sign another to sell it. Your solicitor will then ask you to pay your deposit (usually around 10% of the price you are paying). This deposit will be used to exchanging contracts. We will then agree a date for moving, also  known as "completion". If your house is still being built, we will keep you updated with the progress and a completion date will be provisionally set. 
     
  8. Move in: When the completion date has arrived, we will hand over the keys, check the meter readings, and give you the utility provider’s details so that you can register your occupancy. We will also provide you with a welcome pack, warranty information (if applicable) and product manuals for your home.