How to Buy

When you’re purchasing a Shared Ownership home, the process is similar to buying through traditional means, with some slight differences in what you pay and how much of the property you own.

Buying a Shared Ownership Property with Platform

The important thing to remember is that as long you’re prepared, have the right documents and plan effectively, you can reduce the chance of anything going wrong further down the line.

Below, we explore the main steps you’ll face when buying a Shared Ownership home with Platform.

1. Find the right property

The first, and maybe most important step, is finding the property that you want to buy. If you’re considering taking the next steps to owning your own home through Shared Ownership, you can use our property search to see what’s available in your area.

Search available properties

2. Contact Platform

Once you’ve found your ideal property, you can speak to us to help you on the next step of the process.

Firstly, complete an ‘Ask for Details’ enquiry form on one of our property listings. If you want to discuss the requirements in further detail, or even check availability, you can email us at sales@platformhg.com where we can help you secure your chosen home.

3. Register with Help to Buy

Before you purchase a home through the Shared Ownership process, you have to work with a Help to Buy agent registered with the Government.

If you’re an existing owner or shared owner already approved by a Help to Buy agent, you need to have sold subject to contract your existing property before you can even reserve a property.

You can send your completed application and reference to sales@platformhg.com where we can help you with the next steps.

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.

In some circumstances mortgage lenders may accept a lower deposit, however Platform require a minimum deposit of 5% in order for you to meet our Shared Ownership requirements.

Interior Platform Home Ownership Interior Platform Home Ownership

Costs to expect with Shared Ownership

Shared owners still have to pay many of the usual costs involved in buying a home, we've outlined the cost you can expect to pay to give you an idea of what to expect throughout the process

Costs of Shared Ownership

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.

Finding a solicitor to help you buy a shared ownership home is an important decision. They will be acting on your behalf throughout the purchase, keeping you informed of progress and advising on any concerns.

Find out more

If you are looking for a mortgage on a shared ownership property, it is usually best to speak to a specialist.

There are now more than 25 banks and building societies offering shared ownership mortgages.

Find out more

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!