The HOLD shared ownership process
Buying any home can be complex and daunting. But you can rest assured that if you decide to become a shared owner through the HOLD scheme, we will be there to support you every step of the way.
Use our step by step guide below to learn more about what's involved in the process.
Step 1. Eligibility and initial enquiry
Start by completing the enquiry form If you answer 'yes' to the three pre-qualifying questions, 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 and some key information documents about shared ownership to read. We will ask you to return the application form within 14 working days or get in touch with 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
- Ascertain any requirement for Court of Protection/ LPOA or Appointeeship
Step 4. Mortgage application
If you need a mortgage, you will make your application next.
If you have no (or a small) income from employment, and you are on certain benefits and have a good credit record you may be able to get a MySafeHome HOLD Mortgage. You will need to have funds to pay for fees, legal and moving costs.
If there is a working adult in the household, you will need to source your own mortgage lender and be able to pay for deposits and fees.
You will need to have a letter from an Independent Financial Advisor to confirm that the Shared Ownership scheme is affordable. This could be from your mortgage broker
You will need to have this in place before we can go ahead with a house purchase. The mortgage advisor/ broker will tell you what they need from you. We will need to see 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 get more information if needed, or to arrange a formal assessment meeting with you.
Step 6. Formal assessment
Once we have all the information we need; we have received your application form and your mortgage in principle agreement (if you are buying with a mortgage) - we will arrange to meet with you. This will be in person where possible or via a video conference call. During this meeting we will:
- Explain the process of buying a HOLD shared ownership property
- Provide more information about shared ownership
- Discuss your 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 and provide tips for your property search
- 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
- Send you an “In principle acceptance” letter
Step 7. Property search and purchase
When we have all the supporting evidence and documentation we need and funding has been confirmed, you can start the exciting bit: 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 (Completing the SMI will be done with the help of MySafeHome)
- Once the conveyancing (the legal process of transferring ownership) is completed, we sign contracts, agree exchange and completion dates (The 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!