Thinking about purchasing a shared ownership property?

Have a read through our guide to get a better understanding of the steps involved. The process is slightly different to a traditional purchase so understanding the process is essential to have a smooth home buying experience. 

1. Initial contact and booking a viewing

Browse our selection of shared ownership properties, and once you’ve found one that catches your eye, reach out to us to express your interest, and we'll schedule a viewing at your convenience.

2. Initial assessment

After the viewing, if you're interested in proceeding with the property, we'll conduct an initial assessment with an independent financial advisor (TMP - The Mortgage People) to check eligibility and affordability.

3. Pay reservation deposit 

If the initial assessment confirms affordability, a non-refundable reservation deposit of £500 is required to secure the property. Terms and conditions apply. 

4. Offer letter 

Once we’ve received your funds, we’ll send you an offer letter containing the terms of the purchase. You’ll also need to confirm at this point if you have a solicitor and mortgage broker. Review and sign the document to proceed.

5. Final assessment with TMP

Attend a more comprehensive assessment with TMP, where the final eligibility test is conducted. TMP may offer a mortgage, but you're not obligated to go with them and can choose any lender.

6. Anti Money Laundering (AML) Checks

We are required, in accordance with government guidelines to carry out AML checks on each buyer and seller in a property transaction. We will send a link to you to complete via a third party company to confirm your identity and source of funds.

7. Memorandum of sale 

We will send a memorandum of sale to your solicitor and the seller’s solicitor. This will kickstart the conveyancing process for your purchase. 

8. Exchange

Once your solicitor is satisfied that all enquiries have been satisfied, a date to exchange can be set and you’ll need to pay a deposit (typically 10% of the purchase price). At this point, both you and the seller are legally bound to complete on the transaction. 

9. Completion!

This is the day when officially the ownership of the property is transferred to you! Time to celebrate!

10. Settling in 

Congratulations! Settle into your new home and enjoy the benefits of shared ownership.

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