Question 1

I’ve found my perfect home, what should I do now?

Accepted Answer

Soyou’ve found a home that you love? If you’ve not already done so, you’ll need a Decision in Principle from a mortgage lender. You’ll also need to find a solicitor who will help you manage everything from surveys right through to completion of the sale.

Question 2

Will I have to pay stamp duty?

Accepted Answer

As all our homes are in England you will need to pay Stamp Duty and Land Tax (SDLT) if the home you’re buying is £125,000 or over unless you are a first-time buyer which means you don't have to pay any SDLT on a property up to £300,000. The amount you pay does depend on the value of your property as it is worked out on a percentage of your purchase price.

Question 3

Can I apply for Shared Ownership if I am self-employed?

Accepted Answer

Yes, if you can show you’re able to afford a Shared Ownership home long-term. You must provide at least 3 years of accounts and you’ll need to speak to a Mortgage Adviser for further advice on affordability.

Question 4

Do I need a survey?

Accepted Answer

Even if the property you’re buying is newly built, your mortgage provider may still ask you to arrange for an independent survey of the property in addition to the mortgage valuation that you will need in order to secure a mortgage. 
There are three main types of surveys with varying costs so it’s important to choose the right one for you.

Question 5

Do I need a solicitor?

Accepted Answer

You’ll need to appoint a solicitor to act on your behalf. They will handle the ‘conveyancing’ for you (transferring the title of the home legally to you), as part of the process they will:

Check the lease and speak to your mortgage lender and our solicitors  
Carry out searches   
Check all the paperwork and mortgage are in place to allow you to buy your new home

To help the process go as smoothly as possible, make sure that the solicitor you choose has experience with Shared Ownership. If you need any help with suggested solicitors, please speak to your sales negotiator.  
 
Once you’ve found a solicitor, we’ll send your solicitors and ours a Memorandum of Sale, which summarises the purchase of your home and allows our solicitors to send draft documents over to your solicitors.

Question 6

When do I need to arrange insurance?

Accepted Answer

It’sa good idea to organise home and contents insurance shortly before you sign the contract. You need all relevant insurance policies to begin from the exchange of contract date.

Question 7

How long will it take to complete my house purchase?

Accepted Answer

Every purchase is different as a lot of factors individual to you might affect this, such as whether you have a property to sell, how big the chain is that you’re in. Our helpful team will be able to guide you through the process once we know a little more about your situation.

Question 8

What is completion day?

Accepted Answer

Completion day is the last step in the process of buying and selling. It is the day when ownership is transferred from seller to buyer and you are legally able to move into your new home.

Question 9

Can I choose the completion date?

Accepted Answer

Once you have signed the necessary contracts, your solicitor and ours will agree a completion date. Where possible we will try our best to accommodate your target date but this won’t always be possible due to factors outside our control, such as your own solicitor or mortgage provider.

Question 10

When will I get the keys to my new home?

Accepted Answer

We know you’ll be itching to move into your new home so as soon as our solicitor has confirmed receipt of funds and confirmed that the transaction has completed, we’ll let you know where and when you can collect the keys.

Frequently asked questions.