How to apply for Shared Ownership
There are some important things to think about before applying to buy one of our Shared Ownership homes:
- Who you’re buying with - if you apply together you’ll buy together
- Number of bedrooms
- Keeping your application details up to date - we’ll use it to decide your eligibility and priority
- Getting your paperwork ready - we’ll need to see evidence of all the information you give us on the application form, so getting all these details ready to view like your financial statements can help the process
- Sorting your mortgage - do your research to see what’s available to you. Explore our list of suggested SFAs and solicitors who can help you through the process
Steps to buying a Shared Ownership home
1. Get In Touch
Start your journey by getting in touch or registering your interest in a particular property. You can talk to our team about your requirements and we can help you understand the process and qualifying criteria.
2. Check Eligibility
Our sales team will help and put you in touch with a mortgage advisor who will be able to advise what you are able to afford. They’ll carry out a financial assessment and advise on your monthly expenditure against the home you are looking to purchase.
3. Reserve Your Home
You’ve checked you’re eligible, visited a development and seen a home that’s right for you. The next step is to reserve it!
We’ll ask for a £500 reservation fee and you’ll fill out a reservation form. For some homes and developments where there’s a high demand, homes will be allocated based on the eligibility criteria to make sure the home goes to the buyer with the highest priority.
4. Make An Offer
Once you’ve paid your reservation fee we’ll assess your reservation and contact you to make an offer in writing.
5. Appoint a Mortgage Advisor & Solicitor
You’ll need to instruct a solicitor and typically a mortgage advisor after receipt of the offer so you can get moving as quickly as possible. We can recommend our panel solicitors and financial advisors to you, or you can choose to use your own.
A mortgage adviser can recommend the right mortgage for you and provide support on your application, affordability and valuation. Your solicitor will handle all the legal work including the exchange of contracts. They’ll also review if there’s anything that might impact the value of your home by submitting local searches, commissioning a survey and reviewing the terms of the lease.
6. Sale Agreed
We’ll issue the finalised reservation form to all solicitors which summarises the details of the sale and outlines a date for exchange and any conditions of sale.
7. Mortgage Offer & Sign Off
The mortgage offer will give you a breakdown of initial fees as well as monthly payments. We’ll need to review and sign-off before the exchange of contracts.
8. Exchange
We’ll exchange contracts with you via our solicitors for review and signatures. Once you’ve signed, you’ll need to pay 5% of your purchase price (through your solicitor) at the point of exchange.
We’ll then agree your completion date.
If you’re buying a property off-plan, you’ll be given an anticipated completion date and that date can change depending on how the build progresses. There’s usually a long-stop date, which means a final agreed date for completion - if the home isn’t complete by then you can decide to cancel and get your deposit back.
9. Completion and Move In
Now for the exciting bit... once we have received the remainder of monies due, you have legally completed.
WELCOME TO YOUR NEW HOME!
Ready to apply?
If you’ve already completed the form you can login using your email and password. To apply you need to:
- Have a household income under £90,000
- Provide information about your monthly income and savings including other financial commitments
- Let us know your current living situation and what kind of home you’re interested in
By continuing the process you accept that we’ll process and keep your information. But don’t worry - we promise we’ll keep it private and confidential and we’ll never share it with third parties. Find out more about our privacy and legal policies.
Request an application pack
If you’d prefer to keep things on paper we can post you an application pack. Call 020 3815 2222 or email sales@nhg.org.uk
Got questions?
If you need help filling out your Shared Ownership application form get in touch with the team on 020 3815 2222