Step 1: Budget
You can find out how much you are able to spend on a property from your Agreement in Principle (AIP).
Your Agreement in Principle will detail your property budget. The amount Your Home will invest will depend on your deposit, affordability and income.
costs associated with purchasing a property, these include solicitors, surveys and Stamp Duty Land Tax (SDLT).
If you are planning on using a mortgage in conjunction with Your Home, please ensure this is mentioned on your application as this will affect your AIP.
Step 2: Register
Once you have chosen the area(s), register your interest with the local estate agents. Registering is free and won’t create any obligation on your part.
Remember– keep in touch with your local estate agents, they can work on your behalf to find a suitable home and use online portals to give an indication of the market and availability.
Step 3: View
View as many properties as you can, this will give you a good understanding of what is important, what you require and how much you can afford within your chosen area.
With Your Home, the house must be a freehold property that is at lease one-year old and have an EPC rating of at least D.
Step 4: Offer
Once you’ve found a property and decided on the amount you would like to offer, contact the estate agent and inform them of your decision.
Remember – you can offer less than the asking price and mention any pointers which could stand in your favour, e.g. chain-free, cash buyer etc.
The agent can contact Your Home on
020 3744 0415 or by emailing info@yourhome.org.uk
Step 5: Memorandum of Sale
Once an agreement has been reached between yourself and the seller, the estate agent will produce a Memorandum of Sale (MOS) confirming
the price, any special conditions and the names
and addresses of both parties’ solicitors.
This must be sent to info@yourhome.org.uk, we
will be in contact with your estate agent to confirm our details.
Step 6: Evidence
Your Home require evidence of income sources, the team will prompt you to submit these but it is handy to have;
- Bank statements
- Payslips
- Proof of address
- Identity
- Proof of deposit
All evidence needs to be submitted to info@yourhome.org.uk.
Step 7: Appoint
Your Home can provide a list of solicitors experienced in shared ownership.
Remember – you can also take recommendations from the estate agents or friends. Your Home does not take any commission so their view is impartial.
Make sure you inform your chosen solicitors that local, environmental and drainage searches are covered in your product fee.
Step 8: Surveys
A RICS Level 2 Home Buyers Report must be completed at the expense of the buyer (prior to exchange), the valuation must be in line with the purchase price agreed. There must be no serious safety issues highlighted or anything that could cause severe long-term damage for the buyer or the property (eg. damp, mould or subsidence).
Results from the survey can also offer leverage to negotiate the purchase price or to ask the seller to fix any problems before you complete.
Remember – Your Home will be arranging a desk top valuation to ensure the offered price is in-line with the market value. Please note, this is for Your Home's sole benefit.
Step 9: Removal
If you decide to hire a removal company to help you move into your new home, please check their
availability before you exchange contracts to ensure you have a realistic timeframe.
Step 10: Reports
During the conveyancing stage, your solicitors will be raising enquires and collating all the documents including the fixtures and fitting lists from your seller, the results of the searches (which heylo’s solicitors will have sent them), the lease agreement and Direct Debit mandate.
Remember – you should be in constant communication with your solicitor
throughout this time. Once the completion date is agreed you will receive the completion statement stating the final funds required.
Step 11: Exchange
Once the solicitors have signed and approved the contracts, you will need to transfer the remaining monies due.
It is at this stage, that you are legally committed to the sale.
Step 12: Completion
On completion day, the money will be transferred to the seller and then you can collect the keys from your estate agent and move into your new home.
Completion usually happens 5 working days after exchange to ensure the funds are ready. You will be able to agree a mutually convenient completion date with the seller.
It is at this point, the Your Home product fee is
deducted.
Start your application
It should take no more than 10 minutes
