What Is the Buying Process?

The process for purchasing a home through Shared Ownership or other affordable home ownership schemes will vary depending on the housing provider and development. However, it will usually include the following stages:

Registering your interest
You may choose to register with an affordable home ownership portal, housing association, local authority or developer to view available properties.

Initial affordability assessment
An adviser can carry out an assessment based on your income, outgoings and individual circumstances to help you understand what you may be able to afford.

Property viewing and reservation
Once you have identified a suitable property, you may be asked to pay a reservation fee and complete initial paperwork with the housing provider.

Detailed financial assessment
A full financial assessment may then be required in order to progress your application.

Property allocation
The housing association, local authority or developer will confirm whether a property can be allocated to you.

Mortgage application and legal work
You may then wish to appoint a mortgage adviser and solicitor to support you with your mortgage application and the legal process. Exchange of contracts is often required within a specified timeframe.

Exchange and completion
Your solicitor will work with the housing provider and lender to complete the legal process and arrange for funds to be transferred.

Moving into your home
Once completion has taken place, arrangements will be made for you to collect your keys and move into your new home.

Ongoing support
You may wish to review your mortgage arrangements periodically to ensure they remain suitable for your needs and circumstances.