Are you looking for a shared ownership?
You have come to the right place!
Just continue reading to be able to know the step by step guide on how to buy a shared ownership home.
Step 1 – Make an application Speak to the local HomeBuy agent or perhaps agency in which you preferred to reside. You can also complete the application form on the internet or perhaps by phone. In this case, the agent can assess your eligibility in an instant. The HomeBuy agents are considered as the first contact when it comes to purchasing a property through shared ownership. The HomeBuy agents have knowledge on all schemes of shared ownership in your preferred areas or in whichever areas you find it more appealing. They keep track of all your records, application, and informed you about the progress. In case there are new schemes of ownership available, they will advise and inform you accordingly. They are also alert if there are new housing associations and they will immediately send you details.
Step 2 – Wait for the housing association's reply In case the housing association proves that you are an eligible applicant, they will schedule you for a meeting and discuss all the details. Then, you will be provided an opportunity to visit and examine the property. Generally, the cost of the shared ownership property is based upon the fully qualified and independent appraisal. Therefore, this truly reflects the real value of the market. With lots of information, the decision is yours whether you wish to purchase and how much cash you can afford in order to get the desired mortgage.
Step 3 – Mortgage arrangement The mortgage can be arranged depending on the property percentage that you wish to purchase. Even though some other banks don’t give mortgages for properties that are shared ownership, but some are doing so. Generally, the housing association can help by recommending an Independent Financial Adviser (IFA) that can help to guide you in the proper direction. The lease copy will be provided to you in case you want to obtain a mortgage. In most cases, the housing association can actually help you by arranging the mortgage. After all, lots of assistance available in which housing association decides in order to continue your application.
Step 4 – Buying your home In case your mortgage offer is confirmed, you have to contact the solicitor or perhaps the conveyance. This is the beginning of the Conveyancing procedure together with the housing association. All legalities like searching of local authorities and the title searches are performed on your behalf and at your own expense. After this, you will get a draft copy of the contract. The draft contract copy came from the housing association through conveyancers that will explain the outcomes of the contract to you. Then the housing association will be soon your landlord. They will advise you about the due and the charges of the services on the percentage rate that you have not purchased. The contracts are considered as an exchanged that you can legitimately move towards your shared ownership home.
Step 5 – Stair casing your way to the property ladder In case you want to buy more shares in the home, you must first submit a written document to the housing association. The housing association must arrange the property valuation that you have to pay. Any market value increase with regards to the property that have been renovated and undertaken by you, will be discounted from the overall price you need to pay. You are also given 3 months to arrange your mortgage and buy the additional percentage. This way, you can purchase your home and can sell it normally in case you want to move. In either case, the housing association will buy the property from you to offer this to people who need low cost housing and sold at the current value. So, buying a shared ownership home is not a problem when you are knowledgeable and acquainted about the process.