Shared Ownership: Your checklist for buying a new home

Everything you need to know about buying a Shared Ownership home, from initial research to moving in.

Buying a Shared Ownership home for the first time can appear scary, especially if you’ve not had experience with property before. But the Shared Ownership process is actually quite straightforward – especially if you work with a trusted, experienced housing association like Legal & General Affordable Homes. 

We have plenty of resources to help you with your Shared Ownership journey, including an expansive jargon buster to break down the unique terms you’ll come across within the Shared Ownership world. You’ll also find a selection of other valuable information across our site, including myth busting and an explanation of the fees involved for residents.

To help you map out the steps to buying a Shared Ownership house, we’ve compiled a handy checklist for buying a house with Shared Ownership. You can use this to check you’ve completed the necessary stages as you progress and get yourself on the right track towards living in your own Shared Ownership property.

Buying a house checklist:

Carry out your initial research

These are your first steps to Shared Ownership, and lay the groundwork for your property hunt: 

• Do your research, is Shared Ownership the right choice for you?
• Register your details with us
• Check what you can afford
• Decide on your budget
• Confirm that you meet the eligibility criteria

Compile your financial information

An early stage in the Shared Ownership process is assembling the financial and personal information that you’ll need. This includes personal identification, bank statements, and applying for a mortgage in principle:

• Provide proof of your identity
• Provide proof of your savings
• Provide proof of your income
• Bank statements covering the last three months
• Credit card statements for the last three months
• Documents showing details of any loan agreements
• Get finance in place (mortgage in principle)

Find and secure your Shared Ownership property

The next steps to buying a Shared Ownership house are possibly the most exciting: finding your dream home! Once you’ve identified the perfect Shared Ownership home for you, it’s time to get the legal essentials underway: 

• Find your perfect property
• Arrange viewings
• Reserve your property
• Hire a solicitor
• Get the property surveyed
• Apply for a mortgage
• Apply for insurance
• Exchange contracts
• Pay for the property

Moving day and settling in

You’re in the home stretch now! These are the final few steps to buying a Shared Ownership house. Once these are complete, you’ll be moved-in and can enjoy the benefits of being a homeowner with the affordability that Shared Ownership presents: 

• Hire a removal firm
• Get the keys and move in!
• Transfer utilities
• Register for council tax
• Update your address