Megs Move - The Process
Posted Friday, 03 January 2020
It’s been ‘the most wonderful time of the year’ for a lot of people, but for Megan it’s even more exciting as she’s currently in the process of buying her new home. We caught up with Megan to find out more about the first steps she took to securing her new shared ownership home.
“As soon as I had set my heart on a shared ownership home, I got in touch with Sovereign Living to find out the next steps to secure it. I had a bit of background knowledge on shared ownership, and had registered with my local Help to Buy agent already but needed to see what was next. The sales consultant for this scheme mentioned it wasn’t quite ready to apply for but I registered my interest with them and waited for the email to say when applications were opening”
As soon as Megan received the email alerting her that applications were now being taken for the new homes in Ottery St Mary, she contacted one of our Independent Financial Advisors who submitted her application on her behalf. “After chatting through my options with my Financial Advisor I decided to go for a 25% share over a 30 year mortgage term. Initially I was going to go for a longer mortgage term, but I was really fortunate to get a top up on my deposit from my Grandad and decided to go for a shorter mortgage and put more money into my new home!”
After a week’s wait, Megan was contact by Tamsin, the Sales Consultant in Devon “It was so exciting getting that call and finding out I’d been successful in my application. What made it even better was that I was the first person to get my application in and I was able to have first pick of the available plots! There were a few to choose from, however I wanted a nice view over where I grew up, so I chose the home with the slightly smaller garden so I could be higher up on the development with a beautiful view! Tamsin let me know the next steps, and after I'd paid my £250 reservation fee, I got in touch with a local solicitor who began the legal process of buying my new home!”
After all this excitement, working a full and part time job, and with the lead up to Christmas, Meg admitted that she needed to get organised for fears she would be lost in a mountain of paperwork and wrapping paper! “I went out and bought myself a folder, and separated this out into sections including to-do lists, all important contact details for all the different parties, a section for the Solicitor, my Financial Advisor, and a Sovereign Living section. I’ve ticked things off on the way, and now as I’m almost at the other end of the process I can start to fill it up with exciting things like mood boards and pictures of what I want for my new home! I’ve left enough room at the end for all the important documents when I officially become a homeowner!”
We’ll be catching up with Megan in the coming weeks when she’s settled into her new home to see how the move went and how she's making her new house a home!
To find out more about our application process you can visit our ‘How to Apply’ page.