Buying

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Buying

The shared ownership buying process.

Shared ownership presents a great opportunity to buy a home sooner than you expected. The shared ownership process, however, is ever so slightly different to buying on the open market.

This Government-backed scheme enables buyers to purchase a share of a leasehold property and pay rent on the remaining portion. This article will guide you through the buying process, providing a clear understanding of the steps involved.

Buyer’s tip: Not sure if you fit the criteria for a shared ownership property? Find out here.

A step-by-step guide to part-buy, part-rent

Step 1: Assess your finances

As with any property purchase, you should seek mortgage advice first to understand your borrowing capacity and explore the available mortgage options. We will put you in contact with a mortgage broker who specialises in shared ownership and will help you determine what you can realistically afford. This is a key part of the shared ownership process.
Step 2: Find your dream home

Now that you have a clear understanding of your budget, the exciting part of the shared ownership buying process begins. Time to look for the right home.

A good way to find shared ownership properties is to Google ‘shared ownership + location you want to buy in’. You can also filter on websites like Rightmove and Share to Buy to find properties that are available through buying schemes. Or find all homes available through SOWN here.

Buyer’s tip: On many sites, you can register for updates on new listings to be the first to know when new properties become available.
Step 3. Reserve a home

When you finally find the home you’ve been searching for, you'll need to express your interest in reserving it with the selling agent or housing provider. At this stage, you will be required to complete a financial assessment specific to the property you wish to reserve, fill in an application form and provide proof of eligibility, such as income, identification and proof of savings.
Step 4. Start the mortgage process

Once your reservation is accepted, the next part of the shared ownership buying process is to begin the mortgage process. We can put you in contact with specialist mortgage brokers who have access to several lenders and mortgages and can help arrange the mortgage most suitable for you. You’ll need to have all the necessary documents ready, including proof of income, identification and bank statements.
Step 5. Property valuation

Your mortgage lender will want to carry out a valuation of the home you are purchasing to confirm that they are happy to lend against the property. This is carried out by an independent qualified surveyor of your mortgage lenders’ choosing. This valuation is essential for your mortgage lender as it determines the loan amount they will provide.
Step 6. Appoint a solicitor

Meanwhile, you will need to appoint a solicitor or conveyancer to handle the legal aspects of the purchase. They will review contracts, conduct searches and ensure a smooth transfer of ownership. Once your solicitor has done everything they need to, they will send you a contract and full report to sign and return to them.

Buyer’s tip: At SOWN, we work with a panel of solicitors who specialise in shared ownership purchases. We can provide you with their details as part of the purchase process.
Step 7: Exchange of contracts

If your mortgage application is successful, your lender will issue a mortgage offer detailing the terms and conditions of the loan. Make sure you review this document carefully and address any queries or concerns with your solicitor or mortgage broker. If everything looks good, you can proceed to exchange contracts on the sale. At this stage, you will typically pay a deposit: usually 5-10% of the share value.
Step 8: Completion of the purchase

Congratulations! Completion is the final step, where the remaining balance of the purchase price is paid and legal ownership of the property is transferred to you. Your solicitor will handle the necessary paperwork. We will meet you at your new home on the day of completion to hand you the keys and show you around.
Step 9: So this is home

Home sweet home. It’s time to make the home your own and enjoy it with friends and family.

The shared ownership buying process can be an exciting and rewarding journey towards homeownership. We hope that this step-by-step guide helped you feel better prepared for each stage of the journey.

We are always here if you have any questions. Get in touch.

IS SHARED OWNERSHIP RIGHT FOR YOU?

Shared ownership is a Government scheme designed to help more people buy a home that meets their needs. As such, it involves a few eligibility criteria:

Your annual household income is £80,000 or less (£90,000 in London)

You can’t afford to buy a home through traditional mortgage

You don’t own any other properties in the UK or abroad (if you do, you’ll need to show proof that it’s been sold or under offer)

You can afford regular payments on your home and shared ownership legal fees (usually around £4,000)

You’re a British or EU/EEA citizen or have indefinite leave to remain

WHO HAS PRIORITY TO BUY A SHARED OWNERSHIP HOME?

Shared ownership is primarily designed to help first-time buyers get on the property ladder, but other priority groups may have an increased chance of securing a property.

First-time buyers

Those who have had a significant change in circumstances, such as a relationship breakdown or relocation due to work

Key workers

Serving military personnel

People with disabilities

Some properties may have age restrictions (for instance, developments that cater specifically to older adults). In some instances, you may have to show that you have a connection to the area where you want to buy a home.

ANY DISADVANTAGES?

There are some disadvantages to shared ownership, such as additional costs or the fact that the repairs and maintenance of the home are largely down to you.

Ultimately, the choice depends on your financial circumstances, long-term goals, and personal preferences.

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Thank you for the feedback

4.8/5 Rating from 32 Reviews

I just wanted to write a quick email to let you know what an overall easy experience Kornelija and Tia made of the purchase of mine and Harrison’s forever home. The process is a stressful time and Kornelija made it easier and answered questions and queries promptly and simply as possible. I haven’t been through the process before and all the help and guidance she gave throughout the whole process was invaluable. I just wanted to say big thank you to all the team that helped me get my purchase to completion. I would highly recommend your team to anyone looking to purchase a shared ownership home in the future. Thank you

Stuart S
1 week ago

I completed on my house sale yesterday at Forest View in Calverton and I wanted to let you know how impressed I have been with the fabulous service received from Kornelija. She has been in touch with me every step of the way, always answering my (possibly annoying) texts and calls promptly with lots of useful advice/ help/ information. Kornelija kept me updated when she would be away from the office and provided me with Tia’s contact details should I face any issues, and Tia was also great in her absence. Kornelija has always had my back, fighting for me when the shared ownership regulations changed and I nearly lost this house plot to another customer and helped me secure this home for me and my little boy. I really appreciate all the help she has given me over the last few months, she’s a real asset to your team.

Sian A
1 week ago

I cannot thank Natalie Painter enough for her unwavering support during an incredibly challenging and stressful process. Amidst endless delays, poor communication, and repeated mistakes from others involved, Natalie was the only one who consistently stepped up to help. Her professionalism, empathy, and proactive approach stood out in stark contrast to the chaos around us. Natalie kept us informed at every step, addressed our concerns with genuine care, and went above and beyond to ensure progress was made. In a situation where it often felt like no one else was listening, she was a reliable and reassuring “presence”. Without her dedication and expertise, I’m certain this process would have been even more overwhelming. Natalie truly turned a difficult experience into one where we felt supported and heard. I would wholeheartedly recommend her to anyone navigating a similar situation. You are very lucky to have her. Thank you and the SOWN team for all your help.

Nellie P
1 week ago

I wanted to take a moment to express my deepest appreciation for the outstanding service we received from Kelly Luck during the process of purchasing our property. From the very first interaction, Kelly's professionalism, dedication, and attention to detail truly stood out, along with her kind nature! Kelly guided us through each step of the journey with patience and expertise, making what could have been a stressful process feel seamless. She took the time to thoroughly explain everything we needed to know, answered all of our questions with clarity, and ensured that we felt confident in our decisions, Her proactive communication and kindness really stood out to us. What impressed me most was Kelly's genuine care for us and her efforts to make sure we were completely satisfied. She went above and beyond to ensure she could answer any silly questions, always with a positive attitude. Thanks to Kelly’s hard work and support, we are thrilled with our new home and importantly happy with the process we followed to get our home (despite the horror stories we was told!), and we couldn’t be more grateful for her guidance throughout the entire process. She is a true asset to your team, and we are incredibly thankful to have had the pleasure of working with her. I would love it if you could ensure this level of service is recognised and if you could let me know how she does, because she deserves it!! Thank you again.

H Richards
1 month ago

We have recently purchased & moved into our first home on Magna gardens. Our experience to this point could not have been better. When we first enquired about the site Bernardo the sales rep was fantastic & helped with all steps of the process. We cannot thank you enough!

Jamie N
1 month ago

I would like to say that Monic has been amazing and outstanding in helping us to get our first property. Her help and understanding of our needs and requirements went above and beyond and we both are so grateful to have her helping us. We would recommend Monic to anyone looking to get a property. Monic was amazing with both my children who loved her to bits I can't not praise her enough for the help she has giving both of us we both like to say thank you so much for everything you have done and we will never forget her. Thank you, Monic

Jaskarran K
2 months ago