Buying a new home is one of the most important decisions you will make in your life time and it can be immensely stressful. It is important to be aware of each step you will need to complete before you get the keys to our new home but please note they could vary dependent upon the housing association.

Step 1—Applying to buy

An application form must be completed.
The details can be taken over the telephone at a time convenient to you. The form will then be sent to you to check over and sign.
Once this has been done, the form will be sent to the property organisation on your behalf and followed up by your account manager.

Step 2—The response

Your application will be processed and all the information will be considered with regards to your eligibility.
If successful the purchase price will be confirmed and you agree the size of share you wish to buy.

Step 3—Arranging a mortgage

There are many specialist companies who deal in shared ownership mortgages. Ask your housing association for their recommendation.

Step 4— Purchasing the home

Once you have been offered a mortgage, you will need to find a solicitor who is a specialist in purchasing shared ownership properties. Ask your housing association for their recommendation.

The organisation who is offering the property will send a copy of the draft lease to the solicitor who will advise you what it says, approves it on your behalf, makes a local authority search, and investigates the title to the property.

At this point you will be advised of the confirmed amount of rent and service charge you will have to pay on the remaining share you have not bought.

The purchase can then be formally completed and the house or apartment will be yours.

Step 5— Buying further shares in the home

If you want to buy a further share, you will need to write to the organisation that the property has been bought from detailing the share you wish to purchase. The full procedure will be in the lease document.

The organisation will get the property valued when it receives the letter and will let you know the cost of the further share. You will have to pay the valuer’s fee. You should be given three months to arrange a mortgage and complete the purchase of the further share.

SmartShare is the first national property website that is dedicated to affordable housing. We have thousands of properties available throughout the UK from many of the leading Housing Associations - click here to go to our website www.smartshare.co.uk

For more answers to your affordable housing questions go to: http://www.smartshare.co.uk/frequently-asked-questions-about-affordable-...