The first step in buying a home with Shared Ownership is to assess your eligibility.
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Shared Ownership in Norfolk
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Local properties in Norfolk
The idyllic county of Norfolk is blessed with beautiful coastal areas and countryside, together with bustling market towns, fishing villages, and the cosmopolitan county town of Norwich. The county’s blend of pretty urban areas and the great outdoors has made it popular among families and couples seeking Shared Ownership homes in East Anglia. Just over two hours from London by rail and road, the entertainment and work connections of the capital are within easy reach, while cities such as Ipswich, Cambridge and Peterborough are even closer. Learn more about the benefits of a Shared Ownership property in Norfolk.
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- Those lucky enough to live and work in Norfolk enjoy easy access to the Norfolk Broads and other areas of outstanding natural beauty.
- The county also boasts some awe-inspiring historical attractions, including the Anglo-Saxon royal burial site at Sutton Hoo, The Strangers Hall Museum in Norwich, the ruins of Castle Acre Priory, Lavenham Guildhall, Holkham Hall, and Norwich Cathedral.
- Norwich Airport makes it easy and convenient to reach holiday hotspots in Spain, Turkey and Greece. Meanwhile, Stansted Airport is less than two hours’ drive from Norwich, and Heathrow 2.5 hours.
- For young families considering a home in Norfolk, access to high quality schools is of paramount importance. Norfolk is home to numerous excellent schools, including Ormiston Venture Academy, Ormiston Victory Academy, and Hethersett Academy.
- Norfolk is served by a full range of NHS services, GP surgeries, opticians and dentists. There are also private alternatives provided by Bupa and Spire.
The Shared Ownership scheme is simple, you buy an initial share of between 25% and 75% of the apartments full value and pay a subsidised rent on the remainder.
You may purchase further shares (up to 100%) as your circumstances change, should you choose to.
You can purchase any share from 25% to 75% of the initial purchase price, but some properties may carry specific minimum share restrictions. You will be asked to speak to a financial advisor to assess what share you can buy that is both affordable and sustainable.
How to buy a Shared Ownership home: a step-by-step guide
Search for available properties on our website here. Once you’ve found a property you’re interested in, you’ll need to arrange a viewing.
To find the ideal home that suits you, it’s best to see the property yourself. Book an appointment with us here to arrange online or in-person viewings.
Speak to a qualified independent financial adviser to see how much of the home you can buy.
To secure the property you’ve fallen in love with, complete the application paperwork and pay the reservation fee.
With the reservation complete, you’ll need to instruct a solicitor and begin your legal paperwork to purchase the property. We make the process as smooth and seamless as possible, including breaking down technical terms with our jargon buster.
Alongside the legal paperwork, you need to find a mortgage that suits you and complete your mortgage application. You can either do this yourself or use a mortgage broker. Your lender will carry out affordability checks to ensure that you can afford the mortgage repayments. See our affordability calculator to understand what you can afford.
With the mortgage in place, get ready to sign on the dotted line and pay your deposit. This is an exciting part of the process where you’re really close to your dream of homeownership.
It’s time to exchange contracts, which are legally binding agreements between you and us for the purchase of your property. You will also find out more about your completion and move in date during this stage of the process.
Congratulations! You can now move into your new home and make it your own.
You’ll still need to pay rent on the remaining share of the property you don’t own. The rent is usually set at 2.75% of the share that you don’t own. You can also choose to increase your ownership share over time, a process known as staircasing.