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Buying a Shared Ownership home can be a relatively quick and simple way for first-time buyers to get on the property ladder. In fact, purchasing a property through the Shared Ownership scheme tends to be far quicker than buying a home outright (depending on a number of variables). But how long does the Shared Ownership process take?
On average, purchasing a Shared Ownership home takes one to three months from applying for a property to getting the keys, provided the property is built and ready for living in. The time taken to complete the purchase will also depend on the time it takes to:
Keep reading to find out more about the process of buying a Shared Ownership home and how long it usually takes.
Shared Ownership properties offer an ideal solution if you are looking for a way to get your foot on the property ladder, but don’t necessarily have enough money to buy a house outright. Furthermore, buying a house outright typically takes around six months to complete the purchase. A Shared Ownership sale, on the other hand, tends to be completed in one to three months. However, there are a number of steps involved in the Shared Ownership process that can all take a varying amount of time to complete.
It is vital that before any applications are made, you check your eligibility using an online checker. This is a quick process and should only take a few minutes. To speed up the process of purchasing a Shared Ownership home, consider speaking with a mortgage advisor. A mortgage advisor will provide support for finding a suitable mortgage, and will also arrange a mortgage agreement in principle.
Once you have determined that you are eligible for a Shared Ownership property, it is worth taking the time to find a suitable solicitor for the buying process. Your solicitor will generally do most of the heavy lifting when it comes to completing the purchase, and will liaise with the housing association and mortgage lenders.
How long it takes to locate a property will depend entirely on your own research, but can take from two to six weeks. Ensure you spend time researching local developments, areas, and housing providers.
Once you have found a suitable property, you must then submit an application for it. You will also typically have to complete an affordability assessment with the housing association that owns the property. Upon passing the assessment, an application for Shared Ownership can be completed. Compared to some of the previous steps, completing the application is a relatively short process (provided you are prepared with all necessary documentation as required).
To find a Shared Ownership mortgage in a timely manner, we would recommend that you contact a specialist broker as not all lenders offer Shared Ownership mortgages. This means that it can take longer to find a Shared Ownership mortgage than for a regular property. However, a mortgage only needs to be taken out to cover the cost of the share you are buying, and not the entire property.
Once the mortgage has been approved and the application has been completed, your solicitor will then exchange all necessary documentation including contracts with your housing provider, and will arrange the transfer of your deposit and mortgage. This step usually takes around 28 days.
Buying a new build Shared Ownership home bypasses property chains completely. So, once you have completed the buying process, there are none of the delays that you normally get when purchasing a property outright. There is no waiting around for the seller to find a new home before you can move in!
When you wish to, you are free to purchase more shares in your home. Buying new shares tends to take around one to three months to complete. When staircasing, it can take a few years to buy the property outright, but this depends entirely on your own financial situation and how many times you decide to purchase more shares.
There are a number of steps in the process above where you can be denied access to a Shared Ownership property:
If you are considering Shared Ownership for your new home, there is no better place to look than at Plumlife Homes. We offer top-quality homes at affordable prices, and we will be with you for every step of the Shared Ownership process. Contact a member of our team to find out more today.
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