Navigating the property market can be daunting, especially for first-time buyers. High prices and fierce competition often make having a place to call your own seem impossible. However, Shared Ownership is a fantastic way to make it more accessible, particularly in a high-demand area like London. Southern Housing New Homes (SHNH) is a trusted name in the field, offering guidance and expertise to help buyers through the process.  

Here’s a step-by-step guide to purchasing your first home using Shared Ownership, showcasing how simple and approachable the journey can be. 

 Step 1: Getting Approved as a Shared Ownership Buyer 

The first step is understanding if you qualify for Shared Ownership. Buyers must meet eligibility criteria, which includes having a household income below £90,000 in London (£80,000 outside of London) and being a first-time buyer or unable to afford a home on the open market. SHNH provides clear guidelines and support to help you get approved, ensuring the process starts smoothly. You can read more on our Shared Ownership FAQs page.  

 Step 2: Finding the Right Property 

Once approved, it’s time to find your perfect home. With SHNH, you can search through an array of new build properties across London, including options in vibrant areas like Southwark and Bethnal Green. Whether browsing online or scheduling viewings, the goal is to find a home that meets your needs and budget. After registering your interest, you can make an offer and move to the next step. 

 Step 3: Getting a Financial Assessment 

A financial assessment ensures you can afford the property and helps set a clear budget. This involves consulting a panel mortgage broker who can outline your finances and offer advice on what you can realistically borrow. This service is free and will not affect your credit score. 

 Step 4: Applying for a Mortgage 

Next comes applying for a Shared Ownership mortgage. This process is similar to a traditional mortgage but is tailored to cover your share of the property. Mortgage providers experienced in Shared Ownership are a great choice, and SHNH can point you in the right direction for this guidance. The application process includes gathering documents, submitting forms, and understanding your repayment plan. 

 Step 5: The Role of a Solicitor 

A solicitor handles the legal aspects of buying your home, ensuring everything is in order. They'll review contracts, facilitate communication with the seller, and make sure the property is legally transferred to your name. Finding a good solicitor is crucial, and SHNH has a panel of legal firms that we can recommend to make this step seamless, there’s no obligation to use our panel firms but it’ll make the process much smoother if you do. 

 Step 6: Exchange and Completion 

The exchange is when contracts are signed, and you pay a deposit, making the purchase legally binding. After this, the completion phase sees the final payment and the transfer of keys. You’ll soon be ready to move into your new home. 

 Step 7: Moving-In Day 

Moving can be stressful, but it doesn’t have to be. Planning is key: book removals early, set up utilities, and ensure internet services are ready. Preparing a checklist will help you stay organised, making your moving-in day as smooth as possible. 

 Step 8: Staircasing – Increasing Your Share 

One of the best features of Shared Ownership is "staircasing," which lets you buy more shares in your home over time. This means you can eventually own 100% of your property. If you're interested in staircasing, SHNH can guide you through the process, including a new financial assessment to determine how many more you can afford.