Buying a home can be a daunting process. Don’t worry as the team will be here to help and guide you every step of the way. Below are some helpful tips to get you on your way.
So what do I do now?
You must register with your local government appointed ‘Help to buy Agent’ and/or Local Authority (Council) on their Choice Based Lettings system.
To find the correct agent for your area please refer to www.helptobuy.gov.uk/equityloan/find-helptobuy-agent
contact Stonewater Homes on 023 8065 8836 and we will be able to advise you who to register with for your area.
We will need to confirm your registration in order to proceed with your application.
Once you have found a home you would like to apply for, it is essential to seek independent financial advice and find out if you are able to arrange a mortgage.
Remember; you must take into account not only the mortgage repayment you would have to pay, but also the rent and service charge when making financial calculations.
Once you are given confirmation that a mortgage is available to you (commonly called a Decision in Principle or Mortgage Certificate or similar) from a lender, we need a copy of this as well as confirmation of your mortgage repayment amount which can be found on your Key Facts (KFI) document.
As well as filling in an application form we will need the following supporting documents:
These must accompany your application as we cannot process it without them.
Once we have processed your application, we will set you up with an account on our online portal for secure communication. We will then prepare an affordability assessment for you to complete and approve. Once we have received your signed affordability assessment we will check the figures and if our criteria is met, we will send you our Terms & Conditions setting out the details of the scheme. You will need to sign and return these making sure you have read them carefully and understand the conditions of purchase.
Once final checks have taken place, assuming all is well, we will then confirm your purchase of a new shared ownership home!
Then, all we need to begin the legal process of buying your home is a reservation fee of £500 and details of the solicitor you are using.
We can then confirm all the details in writing to you and both sets of solicitors (yours and ours) and the legal process of buying your new home starts!
The Money Advice Service
The Money Advice Service is a free, unbiased and independent service, set up by the government. It helps you manage your money better.
Use their Health Check tool, calculators and comparison tables to make the most of your finances.
What is shared ownership? Your questions answered Find out about shared ownership
New Homes Team 023 80658 836
Commercial Services Team 01454 204035