Shared Ownership is an alternative homeownership scheme to get first time buyers onto the property ladder if you cannot afford all of the deposit and mortgage payments for a home that meets your needs. You buy a share of the property and pay rent to Sempra Homes on the rest.
When you buy a home through shared ownership you;
- buy a share between 10% and 75% of the home's full market value
- pay rent to the landlord (Sempra Homes) for the share they own
- Pay annually/monthly buildings insurance and sometimes service charges, for example towards the maintenance any communal areas
Once you have found your perfect home, it may seem overwhelming but it doesn't need to be - below are easy steps to help guide you:
- Search the Sempra Homes development section for Shared Ownership properties available and register your interest.
- You will be contacted by a member of the Sempra Homes team and will be directed to carry out an initial financial assessment.
- Once you have completed the initial financial assessment, you will then be able to view the property.
- When you are sure that you want to make an offer on a property, you can put down a reservation fee. This will usually require a deposit of around £500 - however, the amount may vary.
- Once you have reserved the property, you will be required to carry out a full financial assessment.
- Once you know the share that you'll be buying and therefore the monthly rent payments you can contact your lender.
- At this stage, you'll need to appoint a solicitor who will handle all of the legal aspects for you.
- After a financial interview, the housing provider will issue your solicitor with a 'Memorandum of Sale' which summarises the details of your proposed purchase. Not all mortgage lenders will require this.
- When the time comes to exchange contracts, you will be legally bound to buy the home, and Sempra Homes will be legally required to sell it to you. At this time, you will also find out your 'completion date'.
- On the completion date, your mortgage lender will give your solicitor the money to buy your home. Your solicitor will then pass this money to Sempra Homes. When this is done, you officially become the new owner - congratulations!
- At this final stage, you will receive the keys so that you can move into your new home and start making it your own.
