Once you have found your dream home with SO Living contact the SO Living sales team on 0800 0778 748 who will guide you through the process below of buying your new home.
1. If you would like to proceed with shared ownership the first step is to register with Help to Buy South; they are the home buy agent for the South West area and will determine whether you are eligible for the Help to Buy: shared ownership scheme. Remember to tick Plymouth Community Homes if you are interested in one of our properties.
You may be eligible for shared ownership if:
• Your household income is less than £80,000
• You are a first time buyer, you used to own a home but can’t afford to buy one now or you are an existing shared owner looking to move.
2. Once you are registered with Help to Buy South you will need to see if you can afford to buy your share of the property.
You can purchase your share of the property with either cash or a mortgage. If you are thinking of purchasing your share through a mortgage you will need a deposit of between 5% and 20% of the share you are purchasing, and will need to raise a mortgage for the remainder of the share you will purchase. If you intend to fund the share with a mortgage it is worthwhile speaking to a shared ownership mortgage advisor before arranging a viewing to see if you are able to get a mortgage.
There are also other costs you should also consider if you are planning on purchasing a shared ownership property. These are:
• Solicitors fees
• Mortgage survey fees
• Stamp duty on homes costing more than £125,000
• Any mortgage arrangement fees
• Indemnity premium
• Removal costs
• PCH Reservation fee
There are also other costs involved once you have bought the property to think about:
• Mortgage protection insurance
• Contents insurance
• Council tax
• Gas/electric/water and telephone charges
• Other household bills
• Repair and maintenance costs
3. As these homes are affordable housing we will need to carry out a sustainability assessment to make sure that you can afford the property. In order to do this we will require a range of documents. For information on the documents required please see Page 3 of our guide to Shared Ownership. Intending purchasers will be asked to produce identification documentation at a later stage and we would ask for your co-operation in order that there will be no delay in agreeing the sale.
4. If the sustainability assessment is successful you will be provided with a shared ownership offer and invited to pay a £500 reservation fee. This fee will officially reserve the property. The property remains reserved throughout the conveyancing process until completion day when you become the leaseholder of the property.