But Shared Ownership isn’t just an affordable option - it’s also a quick way to buy a home without facing the delays that come with buying outright. Unsure how long the Shared Ownership process takes? Find out all of the answers below!
How long does Shared Ownership take to complete?
You might be in search of a straight answer, but the Shared Ownership timeline hinges on a lot of factors. Depending on the stage of construction and availability on the market, the Shared Ownership process can take anywhere from 1-3 months! Without a property chain to make the process longer, this is a lot quicker than the average 6-month timeline for buying a home outright.
Learn about the Shared Ownership purchase process
For more on the Shared Ownership process, get acquainted with some of the key stages below:
Shared Ownership steps
- Check your eligibility
- Filling out your Shared Ownership application
- Getting a Shared Ownership mortgage
- Finding your Shared Ownership property
- Exchanging contracts
- Move-in
- When you’re ready, buy more shares
Check your eligibility
Before you spend your precious time applying, check your eligibility for Shared Ownership. As the scheme is directed at people struggling to buy their first home, you need to have a household income no more than £90,000 in London, and £80,000 elsewhere in the UK. You also cannot currently own a property - if you do own a home, you need to be in the process of selling.
Shared Ownership eligibility explained
Filling out your Shared Ownership application
Once your housing provider assesses your affordability, you’ll then be able to put together your Shared Ownership application! This process shouldn’t take too long - as long as you have all of your important documents within reach.
Getting a Shared Ownership mortgage
You might be eager to dive head-first into your house-hunting, but you’ll first need to get an idea of how much you can borrow. As not all lenders offer Shared Ownership mortgages, you may find that getting your mortgage takes longer than for a regular property. However, it’s all worthwhile in the end - you’ll only need to take out a mortgage on the share you are buying, and you’ll also be able to use a smaller house deposit!
Finding your Shared Ownership property
Once your Shared Ownership application has been approved, next comes the excitement of picking your Shared Ownership property! Shopping around for your ideal home can take anywhere from 2-6 weeks. Do some research on different housing providers, what advantages they have, and check out the local developments in your area.
Many Shared Ownership apartments come with added features like a private balcony or landscaped gardens, so make sure you’ve worked out the best option for you. Once you’ve struck a nice balance between budget, area and convenience, act fast and register your interest!
Discover homes in great locations
Exchanging contracts
You will need to use a solicitor to complete the necessary legal work when it comes to buying a home and it is recommended you use one with Shared Ownership experience. As well as exchanging contracts with your housing provider, your solicitor will also manage the transfer of your mortgage and deposit! Depending on if you have any enquiries about the purchase, this process should take around 28 days.
Move in
Unlike with buying a traditional property on the market, Shared Ownership helps you avoid property chains altogether when buying a new-build home! This means you won’t have to wait for a seller to find a new home before you move in. Instead, you’ll be given the keys to your new apartment before you know it!
When you’re ready, buy more shares
Staircasing is a process where you buy more shares of your Shared Ownership property (usually 10% at a time), reducing the amount of rent you pay in the process. While buying more shares usually takes around 1-3 months, buying your home outright could end up taking a few years. This depends on your financial situation but also on your preference - after all, there’s no pressure to buy shares straight away!
Looking to save time on saving and buying your Shared Ownership home? With Peabody New Homes, you can use Shared Ownership to purchase a home in a desirable area of London. And if you’re not quite ready for Shared Ownership, you can also make use of London Living Rent, which enables you to rent an apartment at 80% of the market rate and save up for a deposit.
