Get a better understanding of the process
How does the mortgage process work?
You’ll have a Conversation with your Mortgage Adviser about your needs and requirements
We send you your mortgage quote (ESIS document)
Proceed to Approval stage when you are happy with the quote(AIP)
We’ll send you a list of required documents for the lender
Documents checked and passed to lender
Lender instructs the valuation on your new home
Valuation report assessed alongside all other documents
Solicitor receives the offer and finalises all the legal work
Exchange of contracts – This means you are legally committed
Completion day – you get the keys
What is a shared ownership resale?
Resale’s are properties that have already been bought through shared ownership in the past, and where the owners are now looking to sell their share and move on.
How does it work?
Just like Shared Ownership, you will only be able to purchase the same or larger share in the home as the existing owner, sometimes you can buy more shares at this initial purchase stage, you will also have rent to pay on the remaining shares not purchased. You will need to raise a mortgage to purchase your share and you will need a deposit of at least 5% of the share price.
What homes are available?
This is constantly changing, just like the standard property market, you can find resale shared ownership via property search sites and via local Housing Associations.
What are my options after buying a resale home?
You can buy additional shares, called ‘Staircasing’, at a later date until you own 100%, depending on your lease. If you increase your share in the property, your rent is re-calculated and reduced proportionately.
What is staircasing?
If you have previously bought a shared ownership property you have the option to buy more shares in your home, known as staircasing.
Most leases allow you to buy extra shares in your home after you have made your initial purchase and some
allow you to eventually own 100% of your home. You can usually purchase additional shares in stages of 10%
or 25%, depending on what it says in your lease.
The amount you pay for the share will depend on the current value of your home. The amount of rent that you pay on the unsold share will reduce accordingly but if you staircase to 100% there will be no rent to pay. There may still be a service charge to pay on some properties.
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