Simple steps to your new home

When you’re ready to start your Shared Ownership journey, there are seven simple steps to finding your new home.

01. Search 

If you’re at the beginning of your search, you can register for property alerts on our website to be alerted by email when a suitable home in your area becomes available - or register your interest in a specific development. 

Alternatively, you can get in touch with our dedicated team of sales consultants who are on hand to help you through your Shared Ownership journey and will guide you from initial search and application through to move-in day!

02. Apply 

Once you’ve found your perfect home, there are two simple steps to apply:

1. Complete an initial application form with Sovereign

2. Speak to one of our Mortgage Advisors

Our Mortgage Advisors have been working with us for many years and are experts in Shared Ownership mortgages. They will run through a ten-minute affordability assessment with you over the phone and will be able to submit your assessment on your behalf. Once we’ve received your application, your sales consultant will be in touch to discuss the next steps to secure your new home.

03. Reserve

Once you’ve had the good news, you’ll receive a reservation form to complete and there will be a £250 reservation fee to secure your new home. From this point, typically, it takes six weeks to finalise the legal part and be ready to move into your new home, but this is dependent on your home being built!

04. Solicitor

We will both need solicitors to manage the legal part of the home buying journey. We have ours all ready to go, and you will need to select yours. We can provide a list of solicitors who are experienced in dealing with Shared Ownership purchases, or you can decide to appoint your own. Once you’ve appointed a solicitor they’ll want to see written confirmation that we have approved your purchase and that you have been offered a plot. We’ll send you these details along with information of the solicitor acting on our behalf, so that from this point the two parties can communicate directly to handle the purchase of your new home.

05. Mortgage

Your lender will arrange a mortgage valuation for you, and we’ll agree a timescale for you to obtain a mortgage offer and exchange contracts with your solicitor, this will help us all to stay on track with timings – it will also help speed things up if you send us a copy of your mortgage offer as soon as you receive it from your lender.

06. Exchange

Once we have received all of the documents we need, it will be time to exchange contracts. You will sign a contract to buy the home, and we will sign another to sell it to you. Your solicitor will ask you to pay your deposit. On exchanging contracts, the date for completion (when you become the owner of your new home) will be agreed. This is normally one or two weeks from exchange, or if your house is still being built we’ll keep you up to date with its progress.

07. Move in

Congratulations – this is the big day where you will receive the keys to your new home! We’ll usually arrange to meet you at your new home to hand these over and walk you through your new home and the important bits. We’ll check all the meter readings and let the utility companies know you are the new owner. You’ll just need to remember to register for council tax with your local authority… and where you put the kettle!