How to reserve a Shared Ownership home

Understand the reservation process from start-to-finish, so you can get on the property ladder sooner through Shared Ownership.

Shared Ownership is a great way to get on the property ladder, and understanding how the process works can be the first big hurdle that most people overcome. 

But knowing the theory behind Shared Ownership isn’t quite the same as actually going through the process for yourself. To make things as straightforward as possible, we’ve outlined every step you need to know for reserving a Shared Ownership property – from initial research, to eventually signing on the dotted line.

1 . Assess your eligibility

The first step in the process is to familiarise yourself with our Shared Ownership eligibility criteria. These include financial guidelines around your household income, as well as being able to prove you can meet the monthly mortgage payments for your new home. 

If you tick all the boxes at this stage, you’re one step closer to reserving your Shared Ownership home.

2 . Find your ideal home

Next, you need to look into the kind of home you’d like to buy. Shared Ownership properties come in many different shapes and sizes, and you’ll want to consider lots of elements like where the home is located, how much it costs per month, and whether you’ll staircase your shares in the long-run. 

Once you’ve decided on what’s important to you, take a look at our available properties to find one that matches your criteria.

3 . Arrange a viewing

Before reserving a Shared Ownership property, it’s important to see it first-hand – ideally in person, but virtual tours are also available if this isn’t possible. You can register your interest via our location pages, but please reach out to our team directly in order to find out when viewings are taking place. 

Make sure to ask as many questions as you can during your viewing to narrow down the exact home you’d like to purchase.

4. Confirm your affordability

As you come closer to reserving your new Shared Ownership home, make sure that the financials allow for you to comfortably make your monthly payments such as mortgage, rent, and any applicable service charges. 

Assessing your affordability is a key step in any Shared Ownership journey, and it’s often a good idea to work with a budget planner to avoid any unnecessary surprises down the line.

5. Submit your application

You’ve found the ideal home, and you’re confident that you can afford the monthly rent and mortgage costs. Now it’s time to pay the Shared Ownership reservation fee, and submit your signed reservation agreement. This will take the property off the market for you, so that you can continue through the rest of the process to securing your dream home.

6. Complete legal paperwork

Alongside your Shared Ownership reservation agreement, you’ll fill out other legal paperwork via your solicitor to secure your new home. The details at this stage may be unfamiliar to you, but our terminology guide and jargon buster should hopefully help (alongside the expertise of your solicitor and our sales team).  

7. Secure your mortgage

You may have already obtained a Shared Ownership mortgage in principle, but if not, now is also the time to research and secure a Shared Ownership mortgage to help pay for your share. There are different types of mortgage available to you, and a mortgage advisor will be able to walk you through the best options to suit your circumstances.

8. Sign the contract

The end is in sight now! Once your mortgage is secured and your legal paperwork is completed, you’ll be able to sign the contract for your new Shared Ownership home. It’s at this point that you might start thinking about furniture and decoration, but rest assured that all of our Shared Ownership homes come pre-equipped with modern touches for when you move in.

9. Exchange contracts

Once everybody has signed on the dotted line, you’ll exchange contracts with us to make sure that everything is legally binding. This is also the stage at which you’ll find out about your move-in date and any other information you need to make it as smooth a process as possible.

10. Move into your new home

The day has finally arrived: as soon as completion has been confirmed via your solicitors, you’ll receive the keys to your new home. You’ll be notified of any final information you may need at this stage, and start paying your rent and service charge. 

You may eventually choose to staircase your shares or sell your Shared Ownership home, and our expert team will be there to help with any questions that you may have along the way.