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

4.9/5 Rating from 17 Reviews

I just wanted to drop a quick note to say a big thank you to Natalie for all her help with my house purchase. Natalie was so helpful, knowledgeable, and was always so quick to respond to any queries, no matter what time I sent emails! I found dealing with solicitors to be very stressful, but Natalie helped tremendously and made me feel a lot more reassured.

Sam T
1 week ago

I wanted to say a massive THANK YOU to SOWN; we wouldn’t have had this beautiful house if it weren’t for your team. Once again thanks a lot for your support, you are a stars :)

Chaudhry W
1 week ago

We would like to take some time just to feed back Kelly’s professional service. She’s always on the other end on the line and always reassuring us through the process, it’s been a pleasure dealing with her and we thank you for your service!

Adam & Melanie
1 month ago

I am writing to you with my experience with one of your members of staff at SOWN, her name is Kelly. She guided me through every step of completing my shared ownership purchase. She was patient, amazing and went above and beyond for me - nothing was ever too much trouble, even on my actual moving day she contacted me regarding my exchange and also my completion which I shared happy tears! She was amazing at easing my anxiety and made me feel at ease at all times SOWN are so lucky and blessed to have have a member of staff like Kelly, she is polite , professional, friendly , reliable and thorough in her work She really is a massive asset to your company I couldn't of done it without Kelly.

Louise D
1 month ago

I'm writing to you regarding my experience with SOWN. When my current house was sold I genuinely had no clue what to do or where to go, I got refused from the on-site sales office saying I would fail the affordability test for a mortgage as I was self employed. Just when I thought I had lost my dream house, I saw an add on Facebook for SOWN and I applied - I received a phone call from SOWN who took me through the process; they explained anything that I didn't understand and made my experience with SOWN so easy. They also put me in touch with Ecrame the mortgage adviser from Mortgage Scout who advised me.

Trina D
3 weeks ago

I just wanted to write to say how impressed I have been with Tia throughout the whole process of reserving my new home. She has been an absolute tower of strength to me in what is a stressful time when buying a house, she has been there every step of the way and no question has been too much - and I’ve asked a lot! She had been professional at every stage but also so friendly and welcoming which has made the process so much easier. She’s a real credit to your organisation.

Mandy W
1 month ago