Shared Ownership Purchase Process
- Guide to Shared Ownership
- Eligibility Check
- Purchase Process
- What Our Customers Say
- Mortgage Advisers and Solicitors
- Guide to Resales
The Shared Ownership purchase process
We know that the process of buying a home can sometimes seem daunting for first time buyers. To make the process a bit more digestible we have broken down the journey you'll take with us into eight steps; from registering your interest to collecting the keys to your new home.
Get in touch
If, however you would prefer to speak to someone for guidance on the Shared Ownership purchase process, you can speak to a member of our team on 020 7089 1315 or email us at firstname.lastname@example.org.
View the Shared Ownership purchase process below
1: Register with us
Complete an application form
- If you have seen a property you like the look of, you can register your interest using the 'register interest' button.
- Once registered you will have a log-in area created for you where you can save and register for multiple properties. In your area you'll also be able to complete our full application form where we collect all the information we need to ensure you, and anyone you are buying a property with, are eligible for Shared Ownership.
Have an assessment with a Mortgage Advisor – Get a credit check and some mortgage advice
- Eligibility will vary depending on which development you are looking to buy at, the property size and whether there are any criteria imposed by the local authority. But there are some general, over-arching criteria that you must meet for every scheme which you out more about here – Check your Shared Ownership eligibility.
- Everyone who applies for a Shared Ownership property must go through a financial assessment with one of our Mortgage Advisors. We do this to ensure that you can afford a Shared Ownership property, you are not over stretching yourself financially and that you are able to qualify for a mortgage.
3: Select a solicitor
It is a good idea to select one with Shared Ownership knowledge
- Everyone who buys a home needs a solicitor to do the necessary legal work. You should make sure you get a quotation of the likely costs before you appoint a solicitor, and we recommend doing this early on in the process.
- We have a panel of solicitors who are experienced in Shared Ownership purchases, offer fixed fees which will help you to budget and come recommended by past Family Mosaic buyers. The panel of solicitors are not compulsory.
Pay a £500 reservation fee
- You have viewed your dream home and now you want to express your interest. Complete an expression of interest form and we will assess your application and all other interested buyers in line with the Family Mosaic selection and allocation policy.
- For schemes in some locations, demand is very high, in which case a selection process may need to take place. We will contact you to make an offer of a home, where we will ask you to pay a £500 reservation fee, or let you know if we are unable to do so.
5: Confirmation of offer
Confirm your acceptance of the offer within 7 days
- If we do make you an offer, we will send out an offer letter confirming the details of the property and an 'Acceptance of offer' form. We ask you to complete this and return it to us within seven days to confirm that you wish to proceed.
- The reservation fee you paid will be deducted from the share of the property you buy at completion.
6: Exchange contracts
Within 28 days
- Once you have paid your deposit and signed your contract, then 'exchange of contracts' can take place.
- Exchange of contracts means that your Solicitor and our Solicitor actually swap the signed contracts. You are then legally bound to buy your home and we are legally bound to sell it – so neither of us can change our minds!
- We will give you a date on which you can move into your home as soon as it is ready. This date is called the 'completion date'.
The money to buy your home is transferred from your solicitors to ours
- Finally, the completion date arrives...
- On the completion date, your mortgage lender will give your Solicitor the money to buy your home who will then pass that money, along with any savings you are providing, on to our solicitors.
- Once the money is received in our Solicitor's account your purchase has completed and you are now the leaseholder of your home!