Your application will be assessed within around four days. If accepted, you can start looking around for a shared ownership property.
The conveyancing process
The time frame from instructing a conveyancer to moving into your new home can take around 8-12 weeks.
Because shared ownership isn’t based on a first-come, first-served basis, in some instances more than one person will reserve the same property.
Shared ownership in six easy steps
- Step 1: Get yourself registered. …
- Step 2: Start viewing! …
- Step 3: The offer. …
- Step 4: Get a solicitor. …
- Step 5: Issuing the memorandum of sale and exchanging contracts. …
- Step 6: Completing your purchase and moving in.
Shared ownership properties don’t necessary have so many more restrictions than normal mortgages or lease agreements. … Yes but you must ensure you inform your local council if you want your partner to be liable for the council tax and you must also inform your shared ownership provider.
And according to Ms Nettleton, selling a shared ownership property isn’t as hard as people have been led to believe. … “Normally, there is a nomination period where the home is offered to other shared ownership buyers first, but, if one can’t be found it can then be sold on the open market.”
Can conveyancing be done in 2 weeks?
Searches and surveys returned at this time can also raise issues that need to be resolved. This means the draft contract phase of the conveyancing process can take anywhere from a very straightforward 2 weeks to 10 weeks.
Can you complete a house purchase in 4 weeks?
Completion (1-4 weeks)
Generally, there is a deadline of four weeks from the exchange of contracts to completion. However, this date can be agreed between buyer and seller. On the date of completion, you will receive the keys and the title deeds, and the rest of the money for the property will be paid to the seller.
How long does it take from Enquiries to completion?
Generally, you’ll be looking at around 1-4 weeks. Naturally however, the more enquiries that are raised, the longer it may take.
You should tell them that you want a mortgage offer in principle and that you are purchasing a shared ownership property. If it is not a re-sale then you must also tell them that it is a new build.
If you buy off plan and the market drops, you can’t re-negotiate the price; you’ll still need to pay the higher amount. 9. Rents can go up quite regularly – even every year, so be sure that you can continue to afford the property.
It may seem logical that the monthly repayments on shared ownership properties would fall somewhere between those paid for a full mortgage and those paid for rent. However in reality, monthly payments for shared ownership properties are in many cases lower than either full ownership or private renting.
However, the buyer will need to meet the criteria set out by your housing provider to purchase using a shared ownership scheme themselves. You will need a solicitor to help you through the selling process and ensure that exchange and completion go ahead as required.
If you buy a shared ownership property, you’ll need a shared ownership mortgage for the proportion of the property you buy and you’ll typically need a 5% deposit.
Shared ownership is a great way to get a stake in a property when you can’t afford or can’t borrow enough to buy outright on the open market. There are, however, common complaints from people in shared ownership schemes.