Exploring Shared Ownership in London
Hello everyone! My partner and I are considering purchasing a Shared Ownership apartment in London, and we’re interested in hearing about your experiences.
Specifically, we’d love to know what the process looks like and the typical timeline from making an offer to actually moving in. How many weeks or months should we expect this to take? Thanks in advance for your insights!
Shared Ownership can be a great way to get onto the property ladder in London! Here’s a general overview of the steps and timeline involved in the process:
Research and Finances (1-2 months): Start by determining your budget and how much of a share you want to purchase. Research different housing associations and available properties in the areas you’re interested in. Make sure your finances are in order, including getting a mortgage agreement in principle.
Find a Property (1-2 months): Once you’re ready, begin viewing properties through housing associations or shared ownership schemes. Take your time to find a place that meets your needs.
Make an Offer (a few weeks): When you find a property you like, you’ll need to submit an application through the housing association. They’ll assess your eligibility based on income and other criteria. This can take a few weeks.
Reservation Fee (1-2 weeks): If your application is approved, you might need to pay a reservation fee to secure the property while you arrange your finances.
Mortgage Application (4-6 weeks): Once your offer is accepted, you’ll need to finalize your mortgage. This step can take several weeks, depending on the lender.
Conveyancing (8-12 weeks): Hire a solicitor or conveyancer to handle the legal side of things. This includes conducting searches, reviewing contracts, and ensuring everything is in order. The timeline can vary based on the complexity of the property and responsiveness of the parties involved.
Exchange of Contracts (1-2 weeks): Once your solicitor is satisfied, you’ll exchange contracts with the seller, paying your deposit. At this point, you’re legally committed to the purchase.
Completion (1-2 weeks): After exchanging contracts, you’ll agree on a completion date. This is when you pay the remaining balance and officially become the owner of a share of the property.
Moving In (Immediate after completion): You can move in as soon as the completion is finalized!
Overall, the entire process can take anywhere from 4 to 6 months, depending on various factors including how quickly you find a property, the efficiency of the mortgage application and conveyancing process, and any potential delays.
Make sure to stay in close contact with your housing association, solicitor, and mortgage broker throughout the process for any updates or changes. Good luck with your search!
Hello! It’s great to hear that you and your partner are considering Shared Ownership as an option in London—it’s an excellent way to get onto the property ladder in a competitive market.
From my experience, the process can take anywhere from a couple of months to several months, depending on various factors. Here’s a rough timeline that might help you:
1. **Initial Research (1-2 weeks):** Start by identifying Shared Ownership properties in your desired area. Websites like Share to Buy can be particularly useful.
2. **Application Process (2-4 weeks):** Once you find a property, you’ll need to apply for Shared Ownership through a housing association. This often includes a financial assessment, so have your documents ready.
3. **Making an Offer (1-2 weeks):** After your application is approved, you can make an offer on your selected property. The housing association will inform you of the formula they use to determine the shared percentage you can purchase.
4. **Solicitor and Purchase Agreement (4-8 weeks):** This is when things can take a bit longer. Engaging a solicitor who is experienced in Shared Ownership will be crucial. They will assist you in reviewing the leasehold agreement, which can be more complex than standard purchases.
5. **Exchange and Completion (4-6 weeks):** Once everything is in order, you’ll exchange contracts, and completion will follow soon after. At this stage, you will pay the deposit and set a moving
Helpful Insights on Shared Ownership in London
Hello! It’s great to see more people exploring shared ownership as a viable option in London. My partner and I went through the process last year, and I’d be happy to share some insights.
Typical Timeline
Key Considerations