How Shared Ownership Works
Follow this simple step by step process for a successful Shared Ownership sale and purchase:
- Register with local HomeBuy agent for shared ownership schemes (HomeBuy Agents are government appointed to handle enquiries).
- Obtain an Agreement in Principle - contact our shared ownership mortgage lenders here to obtain a free no obligation agreement in principle for a mortgage (usually involving a credit check).
- Select which shared ownership properties you are interested in - speak to the Housing Association who fulfil qualification and complete affordability application and eligibility questions over the phone and put you in contact with the seller to view shared ownership properties.
- When you have found a property you like and are eligible for - (or the housing associaiton contact you to formally offer a shared ownership property) you will usually then need to pay a reservation fee confirming all the property details share price etc.
- You can now submit a full mortgage application through our panel.
- At this point you should appoint a solicitor - our specialist panel of shared ownership solicitors are on hand.
- When your shared ownership mortgage application has been submitted - the lender will perform necessary checks and instruct a valuation and if this passes you will receive a formal mortgage offer.
- Now it is just down to the solicitors to finalise the legal steps and you are ready to move into your new shared ownership home.
For a full explanation to especially help first time buyers please see our buyers guide here.
Classified Adverts - standard property advert
Shared Ownership property adverts can be created by the homeowner, surveyor and also Housetrade if you require. How Classifieds Work
Auctions/Buy It Now
Shared Ownership online auctions are a step that can be used if you are requiring to sell within a timescale, haven't had success in a standard marketing process, or simply want to benefit from the other benefits for example potentially achieving a higer price. The online bidding process is simple and easy to use to buy or sell a home. How Auctions Work
This featured is designed so that owners of shared ownership property can have access to move between shared ownership homes. This type of sale can be used for both upsizing or downsizing your shared ownership property as an alternative to staircasing, once a trade is agreed it is just like standard property transaction for shared ownerhip. How Trades/Part-Exchanges Work
Want to know more...
Have a look at our Frequently Asked Questions section or complete an Enquiry and we will respond as soon as possible. For a breakdown of prices for using the services offered by Housetrade.co.uk follow the link: Housetrade Prices