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Research
Buying a new home is a big decision and you will need to consider many different factors before committing to buy a property through shared ownership. Is the location right for you? Is the property a suitable size? Will it be affordable?
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Eligibility
Shared Ownership schemes are intended for people who cannot afford to buy a suitable home on the open market. Extra preference will be given to applicants who have a connection to the local area, keys workers, first time buyers and people living in social rented accommodation.
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Finance
To ensure that you get the best mortgage product available we advise that you seek independent financial advice. It is essential that you make sure that the mortgage you choose has manageable payments and leaves you enough money to be able to enjoy your new home.
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Apply
If you would like to apply for one of the properties you will need to complete an application form. All returned applications will be scored against the eligibility criteria of the scheme and assessed on individual circumstances. This allows us to allocate properties to applicants on their own merits and not on a first come first served basis. We ask that you fill in all the information and attach any supporting evidence and return it as soon as possible to avoid disappointment.
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Questions
Short-listed applicants will be invited to the Connect Housing office to provide you with further information on the scheme, discuss the responsibilities of a leaseholder and look over property specific details. This also allows us an opportunity to discuss your application and for you to ask any questions directly to us.
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Reserve
If you are successful we will contact you shortly after the application meeting to allocate you a plot/property. If you wish to proceed we require a £350 reservation deposit, and a signed reservation form. If you have not being allocated a property on this occasion we will retain your information on file and contact you when other suitable properties become available.
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Solicitors
You will need to appoint a solicitor to act on your behalf regarding the purchase of your new home. We suggest your solicitor is familiar with shared ownership, from an established firm and preferably operates a ‘no sale no fee’ policy.
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Mortgage
You will need a full mortgage offer from your bank or building society stating your financial product, how much you are borrowing and which particular property you wish to purchase. This is an agreement with your mortgage provider on the exact figures, terms and conditions of your mortgage including the lenders acknowledgement of the shared ownership lease. This process involves a valuation of the property to ensure the purchase price is accurate and your investments are approved.
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Exchange
Once both parties are happy with the details listed in the sale the solicitors can then exchange contracts making the sale legally binding. The exchange of contracts guarantees the sale of the property at the agreed terms including the price; exclusively to you.
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Complete
Legal completion is when the final balance of the purchase price, being your deposit and mortgage monies, is transferred to Connect Housing’s solicitors. The property’s legal ownership will then be transferred into your name and we can release the keys and handover the property to you!
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