Find Out More About HOLD Home Ownership with our Step by Step Guide
If you think shared ownership is the right thing for you - we will support you through the process. It’s like buying any house - but there are more people involved, therefore it can take a bit longer.
Use our simple step-by-step guide below to help you find out more about HOLD.
Step 1. Eligibility and initial enquiry
Complete the enquiry form which is made up of three initial pre-qualifying questions. If you answer yes to these you will be prompted to provide further information. Don’t worry if you don’t have all of the information requested – just provide as much as you can.
Step 2. Review enquiry form
We will review your enquiry and aim to get back to you within five working days. We will contact you if we need more information and send you an application form to complete. Please return the application form within 14 working days or contact us if you have any questions.
Step 3. First assessment
The team will review your application and get in touch by e-mail or by phone so they can:
- Learn a bit more about you and your housing needs
- Answer your questions about shared ownership
- Discuss and explain the relevant benefits and how these may apply to your application
- Briefly discuss how the property purchase could be funded
- Ascertain whether you need a mortgage and mortgage availability
- Ensure that you are registered with a Help-to-Buy agent
- Ascertain any requirement for Court of Protection/ LPOA or Appointeeship
Step 4. Mortgage application
If there is no employed income in the household but the applicant is on qualifying benefits with a good credit record it may be possible to obtain a MySafeHome HOLD Mortgage.
If there is a working adult in the household applicants need to source their own mortgage lender and have the financial means to pay for deposits and fees.
You will need to have this in place before we can proceed with a house purchase. The mortgage advisor/ broker will advise you on what they require from you. We need a Mortgage in Principle agreement before we move to the next step.
Step 5. Second assessment
We will check the information and supporting documents you provided with your application and contact you within 10 working days to either get more information, obtain more clarification and or arrange a formal assessment meeting with you via a conference call or in person where possible.
Step 6. Formal assessment
Once all the information required is in place - we have received your application form and mortgage in principle agreement (if you are buying with a mortgage) - we will send you an “In principle acceptance” letter and arrange to meet with you in person at a place convenient to you. During this meeting we will:
- Explain the process of buying a HOLD shared ownership property
- Provide any more information about shared ownership
- Discuss the budget and the costs involved in purchasing a property through HOLD
- Explain rent and service charge payments
- Set out our and your role and responsibilities
- Advise you on what kind of property to look for
- Agree an indicative budget to be confirmed once a property has been found
- Discuss what Support you may need to have in place - or explore the option of Advance Support
- Give you some tips for your property search
Step 7. Property search and purchase
Once we have all the supporting evidence and documentation we need in place, and funding has been confirmed, you can start your property search. Once you have found a property that suits your needs and that you want to buy we will:
- Negotiate the purchase price based on your budget
- If the offer is accepted we will arrange a survey and gas and electrical safety checks which should identify any issues with the property. We share all this information with you
- We will then instruct our solicitors to buy the property and sell your share to you
- You instruct your solicitors to buy the share from us
- You finalise arrangements to secure the mortgage or funding route agreed
- We help you complete any benefits forms required to support your purchase e.g. Housing Benefit and Support for Mortgage Interest
- Once the conveyancing (the legal process of transferring ownership) is completed, we sign contracts, agree exchange and completion dates
- Process of purchasing property can take 4 months or more from the day offer has been accepted, depending on circumstances
- At the end of the process you should be ready to move into your own home!