Shared Ownership Process

10 steps to owning a Shared Ownership Home

If you're new to Shared Ownership, don't worry - we're here to help. To guide you through buying your home as easily as possible, we've outlined the process you can expect from the start to the end of your journey.

Search For Your New Home

Step 1. Find the perfect home

If you're ready to take the next steps towards owning your own home, use our property search to see what's available in your area.

Search Available Homes

Step 2. Contact Us

Once you've found your ideal home, complete the 'Ask for Details' enquiry form on the property listing. If you want to discuss your requirements in more detail, or check the latest availability please email us at sales@platformhg.com, we'll be able to then help you secure your chosen home whilst you follow step 3, and register with Help to Buy.

Step 3. Register with Help to Buy

Before you purchase a home through Shared Ownership, you must register with one of the Government registered Help to Buy agents.

Any existing owners or shared owners who have been approved by Help to Buy would need to have sold subject to contract their existing property before being considered to reserve a property.

Please send your completed application and reference to sales@platformhg.com 

Find the right Help to Buy Agent:

  • If you are based in the North of England, please contact:

    Help to Buy Agent 1 North

    Covering Merseyside, Lancashire, Greater Manchester, Cumbria, Cheshire, Durham, Northumberland, Tyne and Wear, North Yorkshire, South Yorkshire, West Yorkshire, East Riding of Yorkshire.

    Contact Agent

  • If you are based in the Midlands or London, please contact:

    Help to Buy Agent 2

    Covering Nottinghamshire, Northamptonshire, Lincolnshire, Leicestershire, Derbyshire, Rutland, Worcestershire, Warwickshire, Staffordshire, Shropshire, Herefordshire, West Midlands & Greater London

    Contact Agent

  • If you are based in the South of England, please contact:

    Help to Buy Agent 3

    Covering Bedfordshire, Berkshire, Bristol, Bath, Somerset & Mendip, Buckinghamshire, Cambridgeshire, Cornwall (including the Isles of Scilly), Devon, Dorset, East Sussex, Essex, Gloucestershire, Hampshire & Isle of Wight, Hertfordshire, Kent, Norfolk, Oxfordshire, Suffolk, Surrey, West Sussex, Wiltshire.

    Contact Agent

Step 4.  Affordability Checks

Upon receipt of your help to buy application, we will refer you for an affordability assessment. Once passed, we will then require confirmation of your mortgage details. Please note we're unable to accept 100% mortgages and your mortgage must be with a high street lender.

Step 5. View your property

If your property is build complete, we will invite you to come and view the property you are interested in. If you're purchasing off-plan, your viewing will follow after build completion or when it is safe to do so. We will discuss the buying process in more detail with you.

Step 6. Offer and reservation fee

If you wish to go ahead with the purchase, we will send you an offer letter and ask you to pay a £250 reservation fee. This will go towards your property purchase when the sale is completed. However, we cannot refund it if your sale does not complete.

Step 7. Complete your mortgage application & instruct a solicitor

Once you have reserved your new home, you need to complete your mortgage application and instruct your solicitor. We will need details of your mortgage providers and solicitors as soon as possible.

Step 8. Wait for your searches and valuation

Your mortgage lender will carry out a valuation of the property to finalise your mortgage details. Your solicitors will also begin the legal part of your purchase and ask for search fees payment from you.

Step 9. Sign and exchange contracts

Your solicitor will send you a contract to sign. We will also sign a contract. Once we have exchanged contracts, your solicitor will agree a completion date with you.

Step 10. Completion - Move in Day!

On completion day, we will meet you at your new home to check the property and hand over your keys, before leaving you to get settled in your brand new home!

Your Shared Ownership questions, answered...

  • Most buyers who can’t afford to buy a home outright can apply to buy through shared ownership.

    We may also be able to help if you need to move because of a relationship breakdown or if your work requires you to live in an area outside your price range.

    In order to buy through the Shared Ownership scheme, you must be able to demonstrate that you can afford and sustain home ownership. If you proceed with Shared Ownership you will be required to undertake an affordability assessment.

  • There's 10 key steps to buying a home with us, and our aim at Platform is to make the buying process run as smoothly as possible for you, we outline the full process when buying through Shared Ownership here.

    Our team are here to help you every step of the way.

  • Shared owners still have to pay many of the usual costs involved in buying a home.

    Reservation fee

    We will ask you for a £250 deposit to reserve your chosen home. When the sale goes through we put this towards your purchase payments. However, we cannot refund it if the sale does not go through.

    Mortgage deposit and fees

    Most mortgage lenders will ask for a 5% or 10% deposit towards the price of the share you want to buy. They are also likely to charge a valuation fee and administration fees.

    Legal fees

    Solicitors’ charges can vary so it is best to get a few estimates. You will also have to pay Land Registry and local search fees, and may have to pay stamp duty depending on the value of the property.

    After you've moved in

    You also need to budget for the ongoing costs of owning a home.

    Mortgage repayments

    You will have to make monthly mortgage repayments to your lender. Depending upon the type of mortgage you have, these repayments may vary as interest rates change.

    Rent

    You pay a subsidised monthly rent to us on the share of your home which we own. The amount is reviewed on the 1st April each year.

    Service charges

    You will have to pay a small charge if your home has any facilities or communal areas which we maintain, such as shared entrance halls, lighting and grounds. Your service charge will also include your buildings insurance and your management fee.

    Household bills

    These include your council tax and utility bills for water, gas and electricity.

    Repairs

    We will arrange for any defects on new-build homes to be repaired during a set time period. After that time has elapsed, you will be responsible for arranging and paying for all repairs to your home.

    Home contents insurance

    We provide buildings insurance with the cost of your service charge but this does not cover your belongings. We strongly recommend you arrange your own home contents insurance.

  • On the property listings for some of our shared ownership homes, you will see that we state a local connection to the area is required.

    This generally applies in rural areas and small villages where land has been made available specifically for affordable housing to meet the needs of local people, rather than for private development.

    These are known as ‘rural exception sites’ or 'protected areas' and are controlled by ‘Section 106 Agreements’. They aim to help local people and families afford homes in the area where they grew up.

    The local connection criteria can vary between different developments, but is usually based on the following:

    • applicant was born in the area and has lived there for a number of years
    • applicant has permanently lived in the area for a number of years
    • applicant used to live in the area for a number of years but had to move away because of the lack of affordable housing
    • applicant has been permanently employed in the area for a number of years
    • The number of years is usually between 2 and 5, although this differs by local authority

    Usually priority is given to applicants with a local connection to the parish. If there are still properties remaining, allocation will be opened up to surrounding parishes and then to the whole of the local authority area. This ensures that the homes are occupied by residents as local to the area as possible.

    If you want to find out more about the local connection criteria for a particular development, or check if you qualify, please email sales@platformhg.com

  • Much will depend on your other financial commitments and what property/share you want to buy. We don't want you to be overstretched, so we need to be sure that you can afford to pay your mortgage and rent. We look at each application individually and will advise you on your options.

    Shared ownership schemes are backed by government funding to help people on smaller incomes. So you will not qualify for most shared ownership schemes if your household income is less than £10,000 or more than £80,000 a year.