How to Buy with Shared Ownership

If you're thinking about purchasing a property within the Shared Ownership scheme, it's important to understand the entire process so that you can avoid mistakes going forward.

Shared Ownership is a key pillar in our service and we have a number of Shared Ownership properties available in desirable areas around the UK. 

Below, we run through why Shared Ownership is good for you and how the process works from start to finish.

Why Choose Shared Ownership?

If you've got your heart set on a dream home destination but you don't have the full deposit, Shared Ownership is a great alternative. Ideal for first-time buyers or those looking to take the next step in their home ownership journey, this affordable home ownership scheme is a key offering for Platform. 

The main benefits of Shared Ownership is flexibility and accessibility. Firstly, since you're buying a share of the property, the initial deposit you need is significantly lower than a full market value home. 

Secondly, you can purchase more shares whenever you feel ready, meaning you're not tied into any set deadlines. This allows you to work towards full home ownership at a pace that feels right for you. 

How to Buy a Shared Ownership Property

The important thing to remember is that as long you’re prepared, have the right documents and plan effectively, you can reduce the chance of anything going wrong further down the line.

Below, we explore the main steps you’ll face when buying a Shared Ownership home with Platform.

Find the right property

The first, and maybe most important step, is finding the property that you want to buy. If you’re considering taking the next steps to owning your own home through Shared Ownership, you can use our property search to see what’s available in your area.

We have a range of properties available across multiple developments, all located in desirable areas around the UK.

Contact Platform

Once you’ve found your ideal property, you can speak to us to help you on the next step of the process.

Firstly, complete an ‘Ask for Details’ enquiry form on one of our property listings. If you want to discuss the requirements in further detail, or even check availability, you can email us at sales@platformhg.com where we can help you secure your chosen home.

Complete application form

Once you have enquired about the property you are interested in, we will send you an application form to complete.

You can send your completed application to sales@platformhg.com where we can help you with the next steps.

Affordability Checks

Upon receipt of your help to buy application, we will refer you for an affordability assessment. Once passed, we will then require confirmation of your mortgage details. Please note we're unable to accept 100% mortgages and your mortgage must be with a high street lender.

In some circumstances mortgage lenders may accept a lower deposit, however Platform require a minimum deposit of 5% in order for you to meet our Shared Ownership requirements.

The Shared Ownership Process

View your property

If your property is build complete, we will invite you to come and view the property you are interested in. If you're purchasing off-plan, your viewing will follow after build completion or when it is safe to do so. We will discuss the buying process in more detail with you.

Offer and reservation fee

If you wish to go ahead with the purchase, we will send you an offer letter and ask you to pay a £250 reservation fee. This will go towards your property purchase when the sale is completed. However, we cannot refund it if your sale does not complete.

Complete your mortgage application & instruct a solicitor

Once you have reserved your new home, you need to complete your mortgage application and instruct your solicitor. We will need details of your mortgage providers and solicitors as soon as possible.

Wait for your searches and valuation

Your mortgage lender will carry out a valuation of the property to finalise your mortgage details. Your solicitors will also begin the legal part of your purchase and ask for search fees payment from you.

Sign and exchange contracts

Your solicitor will send you a contract to sign. We will also sign a contract. Once we have exchanged contracts, your solicitor will agree a completion date with you.

Completion - Move in Day!

On completion day, we will meet you at your new home to check the property and hand over your keys, before leaving you to get settled in your brand new home!

Who is eligible for Shared Ownership?

The Shared Ownership scheme is available if both of the following apply to you:

• Your household income is below £80,000 a year. The threshold increases to £90,000 if you’re buying in London.
• You cannot afford the deposit and mortgage payments for your property of choice.

One of the following statements must also be true:

• You’re a first-time buyer
• You used to own a home but can’t afford to buy now
• You’re forming a new household - typically after a relationship breakdown
• You’re already part of the Shared Ownership scheme but want to move
• You own a home and want to move but can’t afford the new home that meets your needs

If you meet all of these requirements, Shared Ownership may be the ideal route for you to start your home ownership journey.