What To Expect From The Buying Process

A Step On The Ladder With Shared Ownership

what to expect when buying a shared ownership home

How to buy a shared ownership home

Follow the slides for a step by step guide to buying a shared ownership home with us ...

  • Choose your home from the selection on our website

  • 2. Complete a Help to Buy application form via the Help to Buy Agent 2

     

  • 3. Discuss your mortgage options with a Financial/Mortgage Advisor

  • 4. Provide us with your financial information for us to carry out an affordability assessment

  • 5. Once the affordability assessment is completed we discuss viewing arrangements with you

  • 6. We confirm your offer to reserve a plot and you pay a £500 reservation fee to secure your future home

  • 7. Solicitors are instructed to carry out the legal work

  • 8. Your mortgage lender will arrange a valuation of the property | The lender finalises the mortgage offer | We approve the mortgage offer

  • 9. Arrange any necessary insurances

  • 10. Exchange contracts, pay any deposits & agree a completion day!

  • 11. If you have a Help to Buy ISA arrange release of monies

  • 12. Organise your move and any flooring required

  • 13. Completion of your sale, home demonstration & handover of your keys! 

The Criteria:

  • Your household income is no more than £80,000 per year.
  • You don't own a home already.
  • You may be in the process of selling a home, however to be able to buy a Shared Ownership home from us, you must have a buyer for your existing home and complete on the sale prior to completing your purchase with us.

The Process:

Buying a new home with emh usually takes around 12 weeks (the impact of Covid-19 has increased this timeline in some cases).

The following list covers the main stages you will go through when buying a new home from us ~

  • Choose your home from the selection on our website
  • Complete a Help to Buy application form via the Help to Buy Agent 2 (agent for Midlands and London)
  • Discuss your mortgage options with a Financial/Mortgage Advisor
  • Provide us with your financial information for us to carry out an affordability assessment
  • At this stage we can discuss viewing arrangements with you.
  • We will confirm your offer to reserve a plot
  • You pay your reservation fee
  • Instruct a solicitor to carry out the legal work
  • Your mortgage lender will arrange a valuation of the property
  • Finalise your mortgage offer with your lender
  • We will need to approve your mortgage offer
  • Arrange any necessary insurances
  • Exchange contracts, pay any deposits and agree a completion day
  • If you have a Help to Buy ISA now is the time to get the monies released ready for completion
  • Organise your move, including removals and any flooring required
  • Completion of your sale and handover of your keys